Bitcoin and Ethereum – Weekly Technical Analysis – September 20th, 2021
Bitcoin
Bitcoin, BTC to USD, rose by 2.61% in the week ending 19th September. Partially reversing an 11.09% slide from the week prior, Bitcoin ended the week at $47,239.0.
A bearish start to the week saw Bitcoin fall to a Monday intraweek low $43,444.0 before making a move.
Steering clear of the first major support level at $41,877, Bitcoin rallied to a Saturday intraweek high $48,819.0.
Falling short of the 23.6% FIB of $50,473 and the first major resistance level at $51,545, Bitcoin slid back to sub-$47,000 levels before ending the week at $47,200 levels.
4 days in the red that included a 2.34% fall on Monday delivered the downside for the week.
For the week ahead
Bitcoin would need to avoid the $46,501 pivot to support a run the first major resistance level at $49,557 and the 23.6% FIB of $50,473.
Support from the broader market would be needed for Bitcoin to break out from last week’s high $48,819.0.
Barring an extended crypto rally, the 23.6% FIB would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $52,000 before any pullback. The second major resistance level sits at $51,876.
A fall through the $46,501 pivot would bring the first major support level at $44,182 into play.
Barring an extended sell-off, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level sits at $41,126.
At the time of writing, Bitcoin was down by 0.29% to $47,103.0. A mixed start to the week saw Bitcoin rise to an early Monday high $47,327.0 before falling to a low $46,792.0.
Bitcoin left the major support and resistance levels untested early on.
Ethereum
Ethereum fell by 2.21% in the week ending 20th September. Following a 13.87% slide from the previous week, Ethereum ended the week at $3,328.59.
A mixed start to the week saw Ethereum fall to a Monday intraweek low $3,111.14 before making a move.
While steering clear of the first major support level at $3,077, Ethereum fell through the 23.6% FIB of $3,369.
Finding Tuesday support, however, Ethereum rallied to a Thursday intraweek high $3,675.92 before sliding back into the red.
Ethereum broke back through the 23.6% FIB and also broke through the first major resistance level at $3,642.00 before falling back to sub-$3,320 levels.
4-days in the red that included a 4.73% slide on Friday delivered the downside in the week.
For the week ahead
Ethereum would need to move through the 23.6% FIB of $3,369 and the $3,372 pivot level to support a run at the first major resistance level at $3,633.
Support from the broader market would be needed, however, for Ethereum to break out from $3,550 levels.
Barring an extended crypto rally, the first major resistance level and last week’s high $3,675.92 would likely cap any upside.
In the event of another extended breakout, Ethereum could test resistance at $4,000 before any pullback. The second major resistance level sits at $3,937.
Failure to move through the 23.6% FIB and the $3,372 pivot would bring the first major support level at $3,068.
Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,000 support levels. The second major support level sits at $2,807.
At the time of writing, Ethereum was down by 0.54% to $3,310.78. A choppy start to the week saw Ethereum rise to an early Monday high $3,346.58 before falling to a low $3,259.03.
Ethereum left the major support and resistance levels untested at the start of the week.
This article was originally posted on FX Empire
