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It was a mixed start to the week. Bitcoin fell 0.50% on Monday to an initial weekly low of $ 11,600 before making a move.
Avoiding the first major support level at $ 11,296, Bitcoin rose to an intraweek high on Monday at $ 12,067.
Bitcoin hit the first major resistance level at $ 12,006 before reversing.
The reversal saw Bitcoin fall to an intraweek low on Saturday at $ 9,925.5.
Bitcoin broke through the week’s major resistance levels before finding support on Sunday.
On that day, Bitcoin broke through the third major support level at $ 10,151 to end the week at $ 10,200 levels.
4 days in the red that included a 10.85% stumble on Thursday brought the downside for the week.
For the next week
Bitcoin is expected to break out of the $ 10,756 pivot level to support a run at the first major resistance level at $ 11,587.
Support from the broader market would be needed for Bitcoin to reach $ 11,000 levels.
Barring an extended cryptocurrency rally, the resistance at $ 11,000 would likely leave Bitcoin below the first major resistance level.
In the event of a breakout, Bitcoin could test resistance at $ 12,000 before any pullback. However, bitcoin would likely be well below the second major resistance level at $ 12,898.
Failure to break out of the pivot of $ 10,756 would bring the first major support level at $ 9,445 into play.
Barring another extended sell-off, Bitcoin is expected to avoid levels below $ 9,000 and a 23.6% FIB of $ 8,900. The second major support level is found at $ 8,615
At the time of writing, Bitcoin was up 0.18% to $ 10,294.0. A mixed start to the week saw Bitcoin drop to a Monday morning low of $ 10,258.2 before climbing to a high of $ 10,330.0 on Monday.
Bitcoin left the major support and resistance levels untested earlier in the week.
