Bitcoin and Ethereum – Weekly Technical Analysis – July 19th, 2021

Bitcoin

Bitcoin, BTC to USD, fell by 7.09% in the week ending 18^th July. Following a 2.93% loss from the previous week, Bitcoin ended the week at $31,820.0.

In a mixed start to the week, Bitcoin rose to a Monday intraweek high $34,655.0 before hitting reverse.

Falling short of the first major resistance level at $35,662, Bitcoin slid to a Friday intraweek low $31,044.0.

Bitcoin fell through the first major support level at $32,445 before briefly revisiting $32,450 levels.

Coming up against the first major support level, however, Bitcoin fell back to end the week at sub-$32,000 levels.

4 days in the red that included a 3.40% slide on Monday and a 2.84% fall on Thursday delivered the downside for the week.

For the week ahead

Bitcoin would need to move through the $32,506 pivot to support a run the first major resistance level at $33,969.

Support from the broader market would be needed for Bitcoin to break back through to $33,500 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $34,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $36,000 before any pullback. The second major resistance level sits at $36,117.

Failure to move through the $32,506 pivot would bring the first major support level at $30,358 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$29,000 levels and the second major support level at $28,895.

At the time of writing, Bitcoin was down by 0.58% to $31,637.0. A mixed start to the week saw Bitcoin rise to an early Monday high $31,921.0 before falling to a low $31,514.0.

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

Ethereum

Ethereum slid by 11.67% in the week ending 18^th July. Following a 7.85% decline from the previous week, Ethereum ended the week at $1,891.46.

A mixed start to the week saw Ethereum rise to a Monday intraweek high $2,169.00 before hitting reverse.

Story continues

Falling well short of the first major resistance level at $2,351, Ethereum slid to a Saturday intraweek low $1,850.00.

Ethereum fell through the first major support level at $1,990.

Steering clear of the second major support level at $1,839, Ethereum revisited $1,990 levels before sliding back to sub-$1,900 levels.

The first major support level at $1,990 pinned Ethereum back at the end of the week.

5-days in the red that included a 5.14% slide on Monday, a 4.43% fall on Tuesday, and a 3.81% loss on Thursday delivered the downside for the week.

For the week ahead

Ethereum would need to move through the pivot at $1,970 to bring the first major resistance level at $2,090 into play.

Support from the broader market would be needed, however, for Ethereum to break back through to $2,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $2,100 would likely cap any upside.

In the event of an extended breakout, Ethereum could test the second major resistance level at $2,289. Ethereum would need plenty of support, however, to breakout from last week’s high $2,169.00.

Failure to move through the pivot at $1,970 would bring the first major support level at $1,771 into play.

Barring another extended sell-off in the week, Ethereum should steer clear of the second major support at $1,651. The 62% FIB of $1,725 should limit the downside.

At the time of writing, Ethereum was down by 0.60% to $1,880.06. A mixed start to the week saw Ethereum rise to an early Monday high $1,907.70 before falling to a low $1,866.34.

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

This article was originally posted on FX Empire

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