Bitcoin Weekly Technical Analysis – July 6th, 2020
Bitcoin slipped by 0.45% in the week ending 5th July. Following on from a 1.87% slide from the previous week, Bitcoin ended the week at $9,084.3
It was a bullish start to the week. Bitcoin rose to a Wednesday intraweek high $9,298.0 before hitting reverse.
Falling well short of the first major resistance level at $9,662, Bitcoin fell to a Sunday intraweek low $8,918.0.
Steering clear of the first major support level at $8,722 and the 23.6% FIB of $8,900, Bitcoin wrapped up the week at $9,080 levels.
Bitcoin’s failure to break out from the week’s pivot level at $9,258 led to 4 days in the red. A 1.51% slide on Thursday contributed to a 4th consecutive week in the red.
For the week ahead
Bitcoin would need to move back through $9,111 pivot to bring the first major resistance level at $9,282 into play.
Support from the broader market would be needed for Bitcoin to break back through to $9,200 levels.
Barring an extended crypto rally, the first major resistance level and last week’s high $9,298 would likely cap any upside.
In the event of a breakout, Bitcoin could take a run at $9,500 levels before any pullback. The second major resistance level at $9,480 and resistance at $9,500 would limit any attempted breakout, however.
Failure to move back through the $9,111 pivot could lead to a 5th consecutive week in the red.