It was a tough week in the cryptocurrency market as the majority of it is in the red. The big exception this week is THETA which skyrocketed and found a place in the top 10.
Bitcoin is down by a total of 8% over the past week of trading as the cryptocurrency currently trades at $53,330. It attempted to break resistance at $60,000 last weekend but failed. As a result, it started to head lower on Sunday and went on to break beneath the March ascending trend line on Monday.
After that, Bitcoin started to plummet throughout the week. Initially, it held support at $53,500 but continued beneath there on Wednesday to reach $51,540 (.618 Fib). Yesterday, Bitcoin continued decreasing below $51,540 but found solid support at the 50-day MA level (blue line).
Today, BTC rebounded from the 50-day MA and surged by a total of 3.5% to reach the current $53,330 level.
Looking ahead, the first level of resistance is expected at $55,000. This is followed by $57,700, $58,355, and $60,000. Above $60,000, resistance lies at $61,781 (ATH price), $62,900 (1.414 Fib Extension – red), and $64,283 (1.618 Fib Extension – red).
On the other side, the first level of support lies at $52,500. This is followed by $51,540 (.618 Fib & 50-day MA), $50,000, and $47,720 (downside1.618 Fib Extension).
BTC/USD Daily Chart. Source: TradingViewEthereum
Ethereum is also down by a total of 8% over the past week of trading as it currently trades at $1637. The cryptocurrency attempted to break resistance at $1875 last weekend but could not break above. It went on to drop beneath the March support at $1755 on Monday as it started to plummet.
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