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Bitcoin
Bitcoin, BTC to USD, rose by 2.50% in the week ending 30th May. Following a 25.42% tumble from the previous week, Bitcoin ended the week at $35,614.0.
A bullish start to the week saw Bitcoin rise to a Wednesday intraweek high $40,884.0 before hitting reverse.
Falling short of the 38.2% FIB of $41,592 and the first major resistance level at $44,508, Bitcoin slid to a Sunday intraweek low $33,367.0.
Avoiding the first major support level at $27,275 and the 62% FIB of $27,237, Bitcoin found support to end the week at $36,600 levels.
3 days in the green that included an 11.79% jump on Monday delivered the upside for the week.
For the week ahead
Bitcoin would need move through the $36,623 pivot to support a run the first major resistance level at $39,875.
Support from the broader market would be needed for Bitcoin to break out from $39,000 levels.
Barring an extended crypto rally, the first major resistance level and last week’s high $40,884.0 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at the 32.6% FIB of $41,592 and resistance at $42,000. The second major resistance level sits at $44,136.
Failure to move through the $36,623 pivot would bring the first major support level at $32,362 into play.
Barring another extended sell-off, Bitcoin should steer clear of the 62% FIB of $27,237. The second major support level at $29,110 should limit the downside.
At the time of writing, Bitcoin was down by 2.66% to $34,668.0. A mixed start to the week saw Bitcoin rise to an early Monday high $35,959.0 before falling to a low $34,631.0.
Bitcoin left the major support and resistance levels untested early on.
Ethereum
Ethereum rallied by 13.69% in the week ending 30th May. Partially reversing a 41.43% slump from the previous week, Ethereum ended the week at $2,387.66.
A bullish start to the week saw Ethereum rise to a Wednesday intraweek high $2,913.68 before hitting reverse.
While falling short of the first major resistance level at $3,217, Ethereum broke through the 38.2% FIB of $2,740.
The reversal saw Ethereum slide back through the 38.2% FIB to a Sunday intraweek low $2,182.20.
Steering well clear of the first major support level at $1,355, Ethereum ended the week at $2,380 levels.
4-days in the green that included a 26.27% jump on Monday delivered the upside for the week.
For the week ahead
Ethereum would need to move through the pivot at $2,458 to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,844 into play.
Support from the broader market would be needed, however, for Ethereum to break out from the 38.2% FIB.
Barring an extended crypto rally, the first major resistance level and resistance at $3,000 would likely cap any upside.
In the event of an extended breakout, Ethereum could test resistance at the 23.6% FIB of $3,369 before any pullback. The second major resistance level sits at $3,299.
Failure to move through the pivot at $2,458 would bring the first major support level at $2,002 into play.
Barring another extended sell-off in the week, Ethereum should steer clear of the 62% FIB of $1,725. The second major support sits at $1,616.
At the time of writing, Ethereum was down by 3.44% to $2,305.51. A mixed start to the week saw Ethereum rise to an early Monday high $2,415.47 before falling to a low $2,288.13.
Ethereum 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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