Bitcoin and Stellars Lumen Weekly Technical Analysis January 11th, 2021 – Yahoo Finance

Bitcoin

Bitcoin, BTC to USD, rallied by 15.8% in the week ending 10th January. Following on from a 25.6% breakout from the previous week, Bitcoin ended the week at $38,200.

It was a bearish start to the week. Bitcoin fell to a Monday intraweek low $28,540.0 before making a move.

Steering clear of the first major support level at $27,594, Bitcoin surged to a Friday intraweek high and a new swing hi $41,969.0.

Bitcoin broke through the first major resistance level at $36,608 and the second major resistance level at $36,608 on the way to a new all-time high.

A bearish end to the week, however, saw Bitcoin fall back to end the week at sub-$39,000 levels. In spite of the pullback, however, Bitcoin avoided a fall back through the second major resistance level at $36,608.

4 days in the green that included an 8.17% rally on Wednesday and a 7.18% gain on Thursday delivered the upside.

Bitcoin would need to move back through $36,236 pivot to support a run the first major resistance level at $43,933.

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 weeks new swing hi $41,969 would likely cap any upside.

In the event of another breakout, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $49,665.

Failure to move back through the $36,236 pivot would bring 23.6% FIB of $33,008 and the first major support level at $30,504 into play.

Barring another extended sell-off, however, Bitcoin should steer clear of sub-$30,000 support levels. The second major support level sits at $22,807.

At the time of writing, Bitcoin was down by 8.79% to $34,844.0. A bearish start to the week saw Bitcoin slide from an early Monday morning high $38,277.0 to a low $33,642.0.

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

Stellars Lumen surged by 108.3% in the week ending 10th January. Following a 5.77% decline from the week prior, Stellars Lumen ended the week at $0.2849.

Story continues

It was a particularly bullish start to the week. Stellars Lumen surged from a Monday intraweek low $0.12852 to a Wednesday intraweek high and a swing hi $0.44.

The surge saw Stellars Lumen break through the weeks major resistance levels.

More significantly, Stellars Lumen also broke out from the 62% FIB of $0.1989 to form a near-term bullish trend.

A bearish second half of the week, however, saw Stellars Lumen slide back to end the week at $0.28 levels.

While avoiding the third major resistance level at $0.2016, Stellars Lumen fell through the 23.6% FIB of $0.3426.

The 38.2% FIB of $0.2823 limited the downside late in the week.

4-days in the green that included a 20.1% surge on Monday a 17.79% rally on Tuesday, and an 80.5% breakout on Wednesday delivered the upside.

Stellars Lumen would need to move back through 38.2% FIB of $0.2823 and the pivot level at $0.2845 to support a run at the first major resistance level at $0.4404.

Support from the broader market would be needed, however, for Stellars Lumen to break back through to $0.40 levels.

Barring another extended crypto rally, the 23.6% FIB of $0.3426 would likely leave Stellars lumen short of the major resistance levels.

In the event of another breakout, Stellars Lumen could test resistance at $0.50 before any pullback. The second major resistance level sits at $0.5960.

Failure to move back through 38.2% FIB and the $0.2845 pivot would bring 62% FIB of $0.1850 into play.

Barring an extended sell-off, however, Stellars Lumen should steer well clear of the first major support level at $0.1289

At the time of writing, Stellars Lumen was down by 12.55% to $0.2491. A mixed start to the week saw Stellars Lumen rise to an early Monday high $0.2856 before sliding to a low $0.2272.

While leaving the major support and resistance levels untested. Stellars Lumen fell through the 38.2% FIB of $0.2823.

This article was originally posted on FX Empire

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Bitcoin and Stellars Lumen Weekly Technical Analysis January 11th, 2021 - Yahoo Finance

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