It was a red week all over the cryptocurrency market. Almost everything, with a few exceptions, declined considerably as the overall market cap slipped below $2 trillion.
Bitcoin saw an unstable week in which the cost stopped by a steep 20 %to break beneath $50,000 and reach as low as$47,500
today. The cryptocurrency fell underneath$ 60,000 at the start of the week as it saw a large spike lower in which it dropped to the$51,440 support(.618 Fib). It managed to rebound from there by the end of the day and closed Sunday’s candle above the 50-days MA level. Sadly, bitcoin fell below the 50-days MA on Monday and could not recuperate above it throughout the week. On Wednesday, bitcoin fell from the 50-days MA as it slipped underneath $54,000. It continued lower the other day as it closed at around $51,440(.618 Fib ). Today, the price decline went on and it dropped to$ 47,500. It has actually considering that recuperated a little and is now trading above$ 50,000 as it battles to hold support at the 100-days
MA there. Looking ahead, the very first support below the 100-days MA lies at today’s low of $47,500. This is followed by $47,000 (long term.5 Fib), $45,950 (drawback 1.414 Fib Extension), $4,750, $42,770 (long term.618 Fib), and $42,000 (Jan 21′ Highs).
On the other side, the first strong resistance lies at $50,000. This is followed by $52,000, $53,500 (rising trend line), $51,120 (bearish.382 Fib), $55,400, and $56,165 (bearish.5 Fib).