2021-08-09 07:45:50

Bitcoin and Ethereum – Weekly Technical Analysis – August 9th, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 9.83% in the week ending 8th August. Following a 12.58% rally from the previous week, Bitcoin ended the week at $43,793.0.

In a bearish start to the week, Bitcoin fell to a Thursday intraweek low $37,318.0 before making a move.

Steering clear of the first major resistance level at $35,889, Bitcoin rallied to a Sunday intraweek high $45,250.0.

Bitcoin broke through the 38.2% FIB of $41,592 and the first major resistance level at $43,188 to end the week at $43,700 levels.

4 days in the green that included a 4.81% rally on Friday and a 4.00% gain on Saturday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid the $42,120 pivot to bring the first major resistance level at $46,923 into play.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $45,250.0.

Barring an extended crypto rally, the first major resistance level and resistance at $48,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at the 23.6% FIB of $50,473 before any pullback. The second major resistance level sits at $50,052.

A fall through the $42,120 pivot would bring the 38.2% FIB of $41,592 and the first major support level at $38,991 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$37,000 levels. The second major support level sits at $34,188.

At the time of writing, Bitcoin was down by 1.62% to $43,085.0. A mixed start to the week saw Bitcoin rise to an early Monday high $43,930.0 before falling to a low $42,790.0.

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

Ethereum

Ethereum jumped by 17.92% in the week ending 8th August. Following a 16.56% rally from the previous week, Ethereum ended the week at $3,014.13.

A bearish start to the week saw Ethereum fall to a Tuesday intraweek low $2,445.58 before making a move.

Ethereum fell through the first major support level at $2,606 before rallying to a Sunday intraweek high $3,191.99.

The extended rally saw Ethereum break through the first major resistance level at $2,786 and the second major resistance level at $3,016.

More significantly, Ethereum also broke through the 38.2% FIB of $2,740 to end the week at $3,000 levels. A bearish end to the day on Sunday saw Ethereum fall back through the second major resistance level at $3,016.

5-days in the green that included an 8.63% rally on Wednesday and a 9.34% breakout on Saturday delivered the upside for the week.

For the week ahead

Ethereum would need to avoid the $2,884 pivot to bring the first major resistance level at $3,322 and the 23.6% FIB of $3,369 into play.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $3,191.99.

Barring an extended crypto rally, the first major resistance level and 23.6% FIB would likely cap any upside.

In the event of an extended breakout, Ethereum could test the second major resistance level at $3,630.

A fall through the pivot at $2,884 would bring the 38.2% FIB of $2,740 and the first major support level at $2,576 into play.

Barring another extended sell-off in the week, Ethereum should steer well clear of the sub-$2,500 levels. The second major support sits at $2,137.

At the time of writing, Ethereum was down by 2.95% to $2,925.21. A mixed start to the week saw Ethereum rise to an early Monday high $3,036.47 before falling to a low $2,900.00.

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

https://finance.yahoo.com/

This article was originally posted on FX Empire

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