We saw a rollercoaster of price action over the past seven days as Bitcoin went to set a new all-time high slightly below $62K, only to retrace to about $53K a couple of days later. Most of the altcoins followed suit, though some came out of it better than others.
Bitcoin is up by a small 2% over the past week as it trades at the $59,000 level. The cryptocurrency had surged higher last weekend to set a new ATH at $61,781. It was trading inside an ascending price channel for the majority of March until it hit the ATH over the weekend.
From there, Bitcoin started to fall at the beginning of the week. Initially, it found support at $55,465 (.382 Fib) on Monday but continued to spike lower into $53,500 (.5 Fib) on Tuesday. Luckily, the daily candle for Tuesday closed above $55,465, and it allowed BTC to rebound from there,
Yesterday, BTC spiked higher to $60,000 but eventually closed the daily candle at $58,000. Today, it is now pushing $59,000.
Looking ahead, the first level of strong resistance lies at $60,000. This is followed by $61,780 (ATH price) and $62,500. Additional resistance lies at $65,000, $66,000, and $67,500.
On the other side, the first level of support lies at $58,000. This is followed by $55,465 (.382 Fib), $55,000, $53,500 (.5 Fib), and $51,540 (.618 Fib).
BTC/USD Daily Chart. Source: TradingViewEthereum
Ethereum pretty much moved sideways this week as it trades along with the support at $1755. The coin was trading at this level last Friday but managed to spike above $ 1900 over the weekend. However, as Bitcoin started to drop on Monday, …
Story continues on Crypto Potato