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

Bitcoin

Bitcoin, BTC to USD, fell 7.09% in the week ending 18e July. After losing 2.93% from the previous week, Bitcoin finished the week at $ 31,820.0.

In a mixed start to the week, Bitcoin hit an intra-week high of $ 34,655.0 on Monday before reversing.

Below the first major resistance level at $ 35,662, Bitcoin slipped to an intra-week Friday low of $ 31,044.0.

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

However, hitting the first major support level, Bitcoin fell back to end the week at levels below $ 32,000.

4 days in the red which included a 3.40% drop on Monday and a 2.84% drop on Thursday were down for the week.

For the coming week

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

Broad market support would be needed for Bitcoin to return to $ 33,500.

Barring a prolonged crypto rally, the first major resistance level and resistance at $ 34,000 would likely cap any rise.

In the event of a prolonged breakout, Bitcoin could test resistance at $ 36,000 before any pullback. The second major resistance level is located at $ 36,117.

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

Unless another extended sell-off, Bitcoin is expected to avoid levels below $ 29,000 and the second major support level at $ 28,895.

At the time of writing, Bitcoin was down 0.58% to $ 31,637.0. A mixed start to the week saw Bitcoin peak at $ 31,921.0 on Monday morning before falling to $ 31,514.0.

Bitcoin left major support and resistance levels untested earlier this week.

Ethereum

Ethereum slipped 11.67% in the week ending 18e July. After falling 7.85% from the previous week, Ethereum ended the week at $ 1,891.46.

A mixed start to the week saw Ethereum hit an intra-week high of $ 2,169 on Monday before reversing.

Well below the first major resistance level at $ 2,351, Ethereum slipped to a Saturday week low of $ 1,850.00.

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

Away from the second major support level at $ 1,839, Ethereum revisited the $ 1,990 levels before falling back to levels below $ 1,900.

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

5 days in the red which included a 5.14% drop on Monday, a 4.43% drop on Tuesday and a 3.81% loss on Thursday were on the downside for the week.

For the coming week

Ethereum is expected to break through the pivot at $ 1,970 to bring into play the first major resistance level at $ 2,090.

However, broad market support would be needed for Ethereum to return to $ 2,000 levels.

Barring a prolonged crypto rally, the first major resistance level and resistance at $ 2,100 would likely cap any rise.

In the event of a prolonged breakout, Ethereum could test the second major resistance level at $ 2,289. Ethereum would need a lot of support to break out of last week’s $ 2,169 high, however.

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

Barring another extended sell-off during the week, Ethereum should avoid the second major support at $ 1,651. The 62% WIF of $ 1,725 ​​should limit the decline.

At the time of this writing, Ethereum was down 0.60% at $ 1,880.06. A mixed start to the week saw Ethereum peak at $ 1,907.70 on Monday morning before falling to $ 1,866.34.

Ethereum left major support and resistance levels untested earlier this week.

This item was originally posted on FX Empire

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