Bitcoin and Ethereum – Weekly Technical Analysis – July 26th, 2021
Bitcoin
Bitcoin, BTC to USD, rose by 11.30% in the week ending 25th July. Partially reversing a 7.09% loss from the previous week, Bitcoin ended the week at $35,415.0.
In a bearish start to the week, Bitcoin slid to a Tuesday intraweek low $29,313.0 before making a move.
The reversal saw Bitcoin fall through the first major resistance level at $30,358 before rallying to a Sunday intraweek high $35,444.0.
Bitcoin broke through the first major resistance level at $33,969 to the week at $35,000 levels.
5 days in the green that included a 7.87% jump on Wednesday and a 4.12% gain on Friday delivered the upside for the week.
For the week ahead
Bitcoin would need to avoid a fall back through the first major resistance level at $37,468 to bring $40,000 levels into play.
Support from the broader market would be needed for Bitcoin to break back through the second major resistance level at $39,522.
Barring an extended crypto rally, resistance at the 38.2% FIB of $41,592 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The third major resistance level sits at $45,653.
A fall back through the first major resistance level and through the $33,391 pivot would bring the first major support level at $31,337 into play.
Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels and the second major support level at $27,260.
At the time of writing, Bitcoin was up by 8.12% to $38,292.4. A bullish start to the week saw Bitcoin rise from an early Monday low $35,233.0 to a high $39,777.0.
Bitcoin broke through the first major resistance level at $37,468 to test the second major resistance level at $39,522 at the start of the week.
Ethereum
Ethereum rallied by 15.94% in the week ending 25th July. Reversing an 11.67% slide from the previous week, Ethereum ended the week at $2,193.03.
A bearish start to the week saw Ethereum slide to a Tuesday intraweek low $1,720.16 before making a move.
Ethereum fell through the first major support level at $1,771 before rallying to a Saturday intraweek high $2,200.00.
The extended rally saw Ethereum break through the first major resistance level at $2,090 to end the week at $2,190 levels.
5-days in the green that included an 11.74% surge on Wednesday and a 4.99% rally on Friday delivered the upside for the week.
For the week ahead
Ethereum would need to avoid the $2,038 pivot to bring the first major resistance level at $2,355 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,350 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $2,400 would likely cap any upside.
In the event of an extended breakout, Ethereum could test the second major resistance level at $2,518.
A fall through the pivot at $2,038 would bring the first major support level at $1,875 into play.
Barring another extended sell-off in the week, Ethereum should steer clear of the 62% FIB of $1,725. The second major support sits at $1,558.
At the time of writing, Ethereum was up by 5.11% to $2,305.0. A mixed start to the week saw Ethereum fall to an early Monday low $2,172.99 before rallying to a high $2,341.37.
Ethereum left the major support and resistance levels untested at the start of the week.
This article was originally posted on FX Empire
