Bitcoin and Ethereum – Weekly Technical Analysis – June 7th, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 0.48% in the week ending 6^th June. Following a 2.50% gain from the previous week, Bitcoin ended the week at $35,780.0.

A mixed start to the week saw Bitcoin fall to a Sunday intraweek low $34,160.0 before making a move.

Steering clear of the first major support level at $32,362, Bitcoin rallied to a Thursday intraweek high $39,482.0.

Falling short of the first major resistance level at $39,875 and $40,000 levels, Bitcoin fell back to sub-$35,000 levels.

Finding support over the weekend, however, Bitcoin revisited $36,000 levels before ending the week at $35,700 levels.

4 days in the green that included a 4.68% gain on Monday and a 4.39% rise on Thursday delivered the upside for the week. A 6.07% slide on Friday pared some of the gains, however.

For the week ahead

Bitcoin would avoid a fall back through the $36,474 pivot to support a run the first major resistance level at $38,788.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $39,482.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at the 32.6% FIB of $41,592 and resistance at $43,000. The second major resistance level sits at $41,796.

A fall back through the $36,474 pivot would bring the first major support level at $33,466 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $31,152 should limit the downside.

At the time of writing, Bitcoin was up by 2.26% to $36,588.0. A mixed start to the week saw Bitcoin fall to an early Monday low $35,487.0 before rising to a high $36,784.0.

Bitcoin left the major support and resistance levels untested early on.

Ethereum

Ethereum rallied by 13.54% in the week ending 6^th June. Following a 13.69% gain from the previous week, Ethereum ended the week at $2,710.97.

Story continues

A mixed start to the week saw Ethereum fall to a Sunday intraweek low $2,275.22 before making a move.

Steering clear of the first major support level at $2,002, Ethereum rallied to a Thursday intraweek high $2,890.0.

Ethereum broke through the 38.2% FIB of $2,740 and the first major resistance level at $2,844.

A Friday and Saturday pullback, however, saw Ethereum fall back to sub-$2,600 levels before steadying.

While finding support on Sunday, Ethereum failed to break back through the 38.2% FIB.

4-days in the green that included a 13.38% rally on Monday delivered the upside for the week.

For the week ahead

Ethereum would need to avoid a fall back through the 38.2% FIB of $2,740 and the pivot at $2,625 to bring the first major resistance level at $2,976 into play.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $2,890.0.

Barring an extended crypto rally, the first major resistance level and resistance at $3,000 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 $3,240.

A fall back through the 38.2% FIB and the pivot at $2,625 would bring the first major support level at $2,361 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of sub-$2,000 levels. The second major support at $2,011 should limit the downside.

At the time of writing, Ethereum was up by 3.03% to $2,792.98. A mixed start to the week saw Ethereum fall to an early Monday low $2,691.66 before rising to a high $2,799.44.

While leaving the major support and resistance levels untested at the start of the week, Ethereum broke back through the 38.2% FIB of $2,740.

This article was originally posted on FX Empire

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