2021-06-13 08:00:00

Bitcoin and Ethereum – Weekly Technical Analysis – June 14th, 2021

Bitcoin

Bitcoin, BTC to USD, rallied by 9.00% in the week ending 13th June. Following a 0.48% gain from the previous week, Bitcoin ended the week at $38,998.9.

A bearish start to the week saw Bitcoin fall to a Tuesday intraweek low $31,075.0 before making a move.

The reversal saw Bitcoin fall through the first major support level at $33,466 and the second major support level at $31,152.

Finding mid-week support, however, Bitcoin rallied to a Sunday intraweek high $39,374.0.

Bitcoin broke through the first major resistance level at $38,788 to end the week at $38,900 levels.

3 days in the green that included an 11.87% rally on Wednesday and a 9.66% gain on Sunday delivered the upside for the week. A 6.17% slide on Monday and a 4.75% decline on Saturday limited the upside, however.

For the week ahead

Bitcoin would need to avoid a fall through the $36,483 pivot to support a run the 38.2% FIB of $41,592 and the first major resistance level at $41,890.

Support from the broader market would be needed for Bitcoin to break back through to $41,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $42,000 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 $44,782.

A fall through the $36,483 pivot would bring the first major support level at $33,591 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level sits at $28,184.

At the time of writing, Bitcoin was up by 0.29% to $39,111.0. A mixed start to the week saw Bitcoin fall to an early Monday low $38,782.0 before rising to a high $39,777.0.

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

Ethereum

Ethereum slid by 7.40% in the week ending 13th June. Partially reversing a 13.54% rally from the previous week, Ethereum ended the week at $2,510.23.

A mixed start to the week saw Ethereum rise to a Monday intraweek high $2,849.15 before hitting reverse.

While falling short of the first major resistance level at $2,976, Ethereum broke through the 38.2% FIB of $2,740.

The reversal saw Ethereum fall to a Saturday intraweek low $2,259.91.

Ethereum fell back through the 38.2% FIB and through the first major support level at $2,361.

Finding late support, however, Ethereum broke back through the first major support level to end the week at $2,500 levels.

4-days in the red that included a 4.37% fall on Monday and a 5.35% slide on Thursday delivered the downside for the week.

For the week ahead

Ethereum would need to move through the pivot at $2,540 to bring the 38.2% FIB of $2,740 and the first major resistance level at $2,820 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,800 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $2,849.15 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 $3,129.

Failure to move through the pivot at $2,540 would bring the first major support level at $2,230 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of sub-$1,900 levels. The second major support at $1,951 should limit the downside.

At the time of writing, Ethereum was down by 0.36% to $2,501.17. A mixed start to the week saw Ethereum fall to an early Monday low $2,486.72 before rising to a high $2,525.00.

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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