Bitcoin and Ethereum – Weekly Technical Analysis – September 13th, 2021


Bitcoin

Bitcoin, BTC to USD, slid by 11.09% in the week ending 12th September. Reversing a 6.10% gain from the previous week, Bitcoin ended the week at $46,038.9.

A bullish start to the week saw Bitcoin rise to a Tuesday intraweek high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,590, Bitcoin slid to a Tuesday intraweek low $43,220.0.

The sell-off saw Bitcoin fall through the first major support level at $48,280 and the second major support level at $44,780.

Bitcoin also fell through the 23.6% FIB of $50,473.

Steering clear of the 38.2% FIB of $41,592, however, Bitcoin broke back through major support levels to revisit $47,000 levels before easing back.

The pullback saw Bitcoin fall back through the first major support level to end the week at $46,000 levels.

3 days in the red that included an 11.06% tumble on Tuesday delivered the downside for the week.

For the week ahead

Bitcoin would need to move through the $47,382 pivot to support a run the 23.6% FIB of $50,473 and the first major resistance level at $51,545.

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

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

In the event of an extended breakout, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,050. Bitcoin would need plenty of support, however, to breakout from last week’s high $52,888.0.

Failure to move through the $47,382 pivot would bring the first major support level at $41,877 and the 38.2% FIB of $40,592 into play.

Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $37,714.

At the time of writing, Bitcoin was down by 1.62% to $45,295.0. A mixed start to the week saw Bitcoin rise to an early Monday morning high $46,269.0 before falling to a low $45,211.0.

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

Ethereum

Ethereum slid by 13.87% in the week ending 13th September. Partially reversing 22.49% breakout from the previous week, Ethereum ended the week at $3,403.75.

A mixed start to the week saw Ethereum rise to a Monday intraweek low $3,973.27 before hitting reverse.

Falling short of the first major resistance level at $4,273, Ethereum tumbled to a Tuesday intraweek low $3,009.00.

Ethereum fell through the first major support level at $3,388 and the 23.6% FIB of $3,369.

Steering clear of sub-$3,000, however, Ethereum broke back through the 23.6% FIB and the first major support level to revisit $3,500 levels.

A 2nd pullback, however, saw Ethereum briefly fall back through the first major support level and the 23.6% FIB before ending the week at $3,400 levels.

4-days in the red that included a 12.52% slide on Tuesday 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 $3,462 pivot level to support a run at the first major resistance level at $3,915.

Support from the broader market would be needed, however, for Ethereum to break out from $3,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $3,973.27 would likely cap any upside.

In the event of another extended breakout, Ethereum could test the second major resistance level at $4,426.

Failure to move through the 23.6% FIB and the $3,462 pivot would bring the first major support level at $2,951.

Barring an extended sell-off in the week, Ethereum should steer clear of the second major support level at $2,824.

At the time of writing, Ethereum was down by 1.95% to $3,337.24. A mixed start to the week saw Ethereum rise to an early Monday high $3,430.00 before falling to a low $3,329.24.

While leaving the major support and resistance levels untested at the start of the week, Ethereum fell through the 23.6% FIB of $3,369.

This article was originally posted on FX Empire

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