Bitcoin and Ethereum – Weekly Technical Analysis – September 14th, 2020


Bitcoin

Bitcoin rose by 0.54% in the week ending 13th September. Following a 12.39% tumble from the week prior, Bitcoin ended the week at $10,331.0.

It was a choppy start to the week. Bitcoin fell to a Monday low $9,913.8 before closing out the day up by 1.18%.

Steering well clear of the first major support level at $9,445, Bitcoin rose to a Tuesday high $10,464 before hitting reverse.

The reversal saw Bitcoin slide to a Tuesday intraweek low $9,882.4 before finding support.

Continuing to steer clear of the first major support level at $9,445, Bitcoin rallied to a Sunday intraweek high $10,623.0.

While falling well short of the first major resistance level at $11,587, breaking back through to $10,500 levels was key.

5 days in the green that included a 1.18% gain on Monday and a 1.12% rise on Wednesday delivered the upside. A 2.39% slide on Tuesday and a 1.21% pullback on Sunday limited the upside for the week, however.

For the week ahead

Bitcoin would need to avoid a fall back through $10,279 pivot to support a run the first major resistance level at $10,675.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $10,623.0.

Barring an extended crypto rally, the first major resistance level and resistance at $11,000 would likely pin Bitcoin back.

In the event of a breakout, Bitcoin could test the second major resistance level at $11,019 and resistance at $11,500 before any pullback.

Failure to avoid a fall back through the $10,279 pivot would bring the first major support level at $9,935 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$9,500 levels. The second major support level at $9,538 should limit any downside.

At the time of writing, Bitcoin was down by 0.46% to $10,283.0. A bearish start to the week saw Bitcoin fall from an early Monday morning high $10,331.9 to a low $10,259.0.

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

Ethereum

Ethereum rose by 3.89% in the week ending 13th September. Partially reversing an 11.04% slide from the previous week, Ethereum ended the week at $366.58.

It was a choppy start to the week. Ethereum fell to a Monday intraweek low $323.17 before finding support.

Steering well clear of the first major support level at $279, Ethereum recovered to end the day up by 0.27%.

A bearish day on Tuesday, however, saw Ethereum fall back through to sub-$330 levels and into the deep red.

In spite of a 4.59% slide on Tuesday, Ethereum continued to steer clear of the major support levels.

Finding support mid-week, Ethereum rallied to a Sunday intraweek high $390.41 before sliding back.

While falling well short of the first major resistance level at $458, Ethereum broke through the 38.2% FIB of $367. The pullback, however, saw Ethereum fall back through the 38.2% FIB to wrap up the week at $366 levels.

5-days in the red that included a 4.04% gain on Wednesday and a 4.83% rally on Thursday delivered the upside. A 4.59% fall on Tuesday and a 5.47% slide on Sunday limited the upside for the week, however.

For the week ahead

Ethereum would need to move through the $360 pivot and 38.2% FIB of $367 to support a run at the first major resistance level at $397.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $390.41.

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

In the event of another breakout, Ethereum could test the second major resistance level at $427 before any pullback.

Failure to move through the $360 pivot would bring the first major support level at $330 into play.

Barring an extended broader-market sell-off, however, Ethereum should steer clear of sub-$300 levels. The second major support level sits at $293.

At the time of writing, Ethereum was down by 1.94% to $359.47. A bearish start to the week saw Ethereum fall from an early Monday morning high $366.58 to a low $355.66.

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

This article was originally posted on FX Empire

More From FXEMPIRE:



Source link