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.