This is the weekly tech analysis for Bitcoin (BTC) and Ethereum (ETH).We will be looking at last week’s movements and the support, resistance, pivot levels for the week ahead and the Fibonacci’s.Additionally, we will look at the EMAs and the key levels for the week.
Bitcoin (BTC) Bitcoin , BTC to USD, fell by 6.81% in the week ending 19 th December.Reversing a 1.31% gain from the week prior, Bitcoin ended the week at $46,704.
A mixed start to the week saw Bitcoin rise to Monday intraweek high $50,234 before hitting reverse.
Falling well short of the first major resistance level at $52,438, Bitcoin tumbled to a Saturday intraweek low $45,523.
The extended sell-off saw Bitcoin fall through the first major support level at $47,340.Finding weekend support, however, Bitcoin revisited $47,000 levels before ending the week at $46,700 levels.
4-days in the red that included a 6.73% sell-off on Monday delivered the downside.
At the time of writing, Bitcoin was down by 0.33% to $46,549.
A mixed start to the week saw Bitcoin rise to an early Monday high $47,219 before falling to a low $46,245.
Bitcoin left the major support and resistance levels untested early on.
For the week ahead Bitcoin would need to move through the $47,487 pivot to bring the first major resistance level at $49,451 into play.
Support from the broader market would be needed for Bitcoin to break out from $48,500 levels.
Barring an extended crypto rally, the first major resistance level and last week’s high $50,234 would likely cap any upside.
In the event of a breakout, Bitcoin could test resistance at the 23.6% FIB of $53,628 before any pullback.The second major resistance level sits at $52,198.
Failure to move through the $47,487 pivot would bring the first major support level at $44,740 and the 38.2% FIB of $44,144 into play.Barring another extended sell-off, Bitcoin should avoid the second major support level at $42,776 and sub-$40,000 levels.
Ethereum (ETH) Ethereum fell by 5.01% in the week ending 19 th December.Following a 1.67% decline from the previous week, Ethereum ended the week at $3,926.
Story continues A mixed start to the week saw Ethereum rise to a Monday intraweek high $4,146 before hitting reverse.Falling short of the first major resistance level at $4,471, Ethereum slid to a Wednesday intraweek low $3,643.
The sell-off saw Ethereum fall through the first major support level at $3,815 and the 23.6% FIB of $3,738.Steering clear of sub-$3,500 levels, however, Ethereum revisited $4,100 levels before falling back into the deep red.
4-days in the red that included an 8.45% sell-off on Monday delivered the downside in the week.
At the time of writing, Ethereum was down by 0.15% to $3,920.A mixed start to the week saw Ethereum fall to an early morning low $3,894 before rising to a high $3,984.
Ethereum left the major support and resistance levels untested early on.
For the week ahead Ethereum would need to avoid a fall back through the $3,905 pivot level to bring the first major resistance level at $4,167 into play.
Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $4,146.
Barring an extended crypto rally, the first major resistance level and resistance at $4,200 would likely cap any upside.
In the event of another extended breakout, Ethereum could test resistance at $4,500 before any pullback.The second major resistance level sits at $4,408.
A fall back through the $3,905 pivot would bring the 23.6% FIB of $3,738 and the first major support level at $3,664 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$3,500 levels.The second major support level sits at $3,402.
This article was originally posted on FX Empire
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