Bitcoin and Cardano’s ADA – Weekly Technical Analysis – March 1st, 2021
A mixed start to the week saw Bitcoin rise to a Monday intraweek high $57,449.0 before hitting reverse.
Falling well short of the first major resistance level at $61,888, Bitcoin slumped to a Sunday intraweek low $43,171.0.
The sell-off saw Bitcoin fall through the first major support level at $49,297 and the 23.6% FIB of $45,501.
The 23.6% FIB of $45,501 pinned Bitcoin back at the end of the week.
6 days in the red that included a 9.62% slide on Tuesday delivered the downside for the week.
For the week ahead
Bitcoin would need to move through the $48,640 pivot to support a run the first major resistance level at $54,109.
Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $62,918.
Failure to move through the $48,640 pivot would bring the 23.6% FIB of $45,501 and the first major support level at $39,831 into play.
Barring an extended sell-off, Bitcoin should steer clear of the 38.2% FIB of $37,571. The second major support level sits at $34,362.
At the time of writing, Bitcoin was up by 3.14% to $46,723.0. A mixed start to the week saw Bitcoin fall to an early morning low $45,100.0 before rallying to a high $46,927.7.
While Bitcoin left the major support and resistance levels untested, Bitcoin broke back through the 23.6% FIB of $45,501.