Bitcoin and Ethereum – Weekly Technical Analysis – May 10th, 2021
Bitcoin
Bitcoin, BTC to USD, rose by 2.96% in the week ending 9th May. Following on from a 15.22% gain from the previous week, Bitcoin ended the week at $58,276.0.
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A mixed start to the week saw Bitcoin rise to a Monday high $58,945.0 before hitting reverse.
Falling well short of the first major resistance level at $60,344, Bitcoin slid to a Wednesday intraweek low $52,960.0.
Steering clear of the first major support level at $50,849, Bitcoin bounced back to a Saturday intraweek high $59,450.0.
Continuing to fall short of the first major resistance level at $60,344, Bitcoin eased back to end the week at sub-$59,000 levels.
4 days in the green that included a 7.95% rally on Wednesday delivered the upside for the week. A 6.82% slide on Tuesday had put Bitcoin under pressure early in the week, however.
For the week ahead
Bitcoin would need avoid a fall through the $56,895 pivot to support a run the first major resistance level at $60,831.
Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $62,000.0 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at the April swing hi $64,829.0 before any pullback. The second major resistance level sits at $63,385.
Failure to avoid a fall through the $56,895 pivot would bring the first major support level at $54,341 into play.
Barring another extended sell-off, Bitcoin should steer clear of the 23.6% FIB of $50,473 and the second major support level at $50,405.
At the time of writing, Bitcoin was up by 0.81% to $58,748.7. A mixed start to the week saw Bitcoin fall to an early Monday low $58,080.0 before rising to a high $58,999.0.
Bitcoin left the major support and resistance levels untested early on.
Ethereum
Ethereum surged by 33.07% in the week ending 9th May. Following on from a 27.11% breakout from the previous week, Ethereum ended the week at $3,928.44.
It was a particularly bullish week. Ethereum rallied from a Monday intraweek low $2,952.08 to a Sunday intraweek high and a new swing hi $3,984.00.
Steering clear of the first major support levels, Ethereum broke through the first major resistance level at $3,190 and the second major resistance level at $3,428.
4-days in the green that included a 16.32% rally on Monday and a 12.41% gain on Saturday delivered the upside in the week.
For the week ahead
Ethereum would need to avoid a fall through the pivot at $3,614 to bring the first major resistance level at $4,277 into play.
Support from the broader market would be needed, however, for Ethereum to break through to $4,100 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $4,500 would likely cap any upside.
In the event of an extended breakout, Ethereum could test resistance at $5,000 before any pullback. The second major resistance level sits at $4,625.
Failure to avoid a fall through the pivot at $3,614 would bring the first major support level at $3,266 into play.
Barring an extended sell-off in the week, Ethereum should steer clear of the 23.6% FIB of $3,047. The second major support sits at $2,604.
At the time of writing, Ethereum was up by 0.51% to $3,948.42. A mixed start to the week saw Ethereum fall to an early Monday low $3,893.01 before rising to a high $3,968.72.
Ethereum left the major support and resistance levels untested at the start of the week.