Bitcoin and Ethereum – Weekly Technical Analysis – September 14th, 2020


It was a choppy start to the week. Bitcoin fell to a Monday low $9,913.8 before closing out the day up by 1.18%.

Steering well clear of the first major support level at $9,445, Bitcoin rose to a Tuesday high $10,464 before hitting reverse.

The reversal saw Bitcoin slide to a Tuesday intraweek low $9,882.4 before finding support.

Continuing to steer clear of the first major support level at $9,445, Bitcoin rallied to a Sunday intraweek high $10,623.0.

While falling well short of the first major resistance level at $11,587, breaking back through to $10,500 levels was key.

5 days in the green that included a 1.18% gain on Monday and a 1.12% rise on Wednesday delivered the upside. A 2.39% slide on Tuesday and a 1.21% pullback on Sunday limited the upside for the week, however.

For the week ahead

Bitcoin would need to avoid a fall back through $10,279 pivot to support a run the first major resistance level at $10,675.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $10,623.0.

Barring an extended crypto rally, the first major resistance level and resistance at $11,000 would likely pin Bitcoin back.

In the event of a breakout, Bitcoin could test the second major resistance level at $11,019 and resistance at $11,500 before any pullback.

Failure to avoid a fall back through the $10,279 pivot would bring the first major support level at $9,935 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$9,500 levels. The second major support level at $9,538 should limit any downside.

At the time of writing, Bitcoin was down by 0.46% to $10,283.0. A bearish start to the week saw Bitcoin fall from an early Monday morning high $10,331.9 to a low $10,259.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

This article was originally published on FX Empire
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