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Bitcoin and Chainlink – Weekly Technical Analysis – January 18th, 2021

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·4 min read
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Bitcoin

Bitcoin, BTC to USD, fell by 6.02% in the week ending 17th January. Partially reversing a 15.8% rally from the previous week, Bitcoin ended the week at $35,900.0.

A bearish start to the week saw Bitcoin tumble to a Monday intraweek low $30,635.0 before finding support.

Bitcoin fell through the 23.6% FIB of $33,008 to come within range of the first major support level at $30,504.

After another bearish day on Tuesday, Bitcoin rallied to a Wednesday intraweek high $40,001.0 before hitting reverse.

While falling well short of the first major resistance level at $43,933, Bitcoin broke back through the 23.6% FIB of $33,008.

A bearish end to the week, however, saw Bitcoin revisit sub-$34,000 levels before wrapping up the week at $35,900 levels.

5 days in the red that included an 7.31% tumble on Monday and a 6.12% slide on Friday delivered the downside.

For the week ahead

Bitcoin would need to avoid a fall through $35,512 pivot to support a run the first major resistance level at $40,389.

Support from the broader market would be needed for Bitcoin to break back through to $40,000 levels.

Barring an extended crypto rally, resistance at last week’s high $40,001 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $44,878.

Failure to avoid a fall through the $35,512 pivot would bring the 23.6% FIB of $33,008 and the first major support level at $31,023 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$30,000 support levels and the 38.2% FIB of $27,465. The second major support level sits at $26,146.

At the time of writing, Bitcoin was up by 0.28% to $35,999.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $35,630.0 before rising to a high $36,244.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

Chainlink

Chainlink surged by 43.53% in the week ending 17th January. Following on from an 18.11% gain from the week prior, Chainlink ended the week at $23.30.

It was a particularly bearish start to the week. Chainlink slid to a Monday intraweek low $12.50 before ending the day at $16 levels.

The sell-off saw Chainlink briefly fall through the 38.2% FIB of $12.9 and the first major support level at $12.87.

After a bearish Tuesday, Chainlink surged to a Sunday intraweek high and a new swing hi $23.7392.

The breakout saw Chainlink break through the week’s major resistance levels to end the week at $23 levels.

4-days in the green included a 13.86% rally on Wednesday, a 12.48% gain on Thursday, a 15.7% jump on Friday, and a 15.82% breakout on Sunday.

For the week ahead

Chainlink would need to avoid a fall through the pivot level at $19.85 to support a run at the first major resistance level at $27.19.

Support from the broader market would be needed, however, for Chainlink to break out from last week’s all-time high $23.7392.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Chainlink could test resistance at $30 before any pullback. The second major resistance level sits at $31.09.

Failure to avoid a fall through the pivot level at $19.85 would bring 23.6% FIB of $18.5 into play before any recovery.

Barring a crypto meltdown, however, Chainlink should steer well clear of last week’s low $12.50. The first major support level at $15.95 and the 38.2% FIB of $15.2 should limit any downside.

At the time of writing, Chainlink was flat at $23.30. A mixed start to the week saw Chainlink fall to an early Monday morning low $22.9074 before rising to a high $23.6632.

Chainlink left the major support and resistance levels untested at the start of the week.

This article was originally posted on FX Empire

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