Bitcoin Weekly Technical Analysis – July 6th, 2020


Bitcoin

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.

A pullback through to sub-$9,000 levels would bring the 23.6% FIB of $8,900 and the first major support level at $8,902 into play.

Barring an extended crypto, however, Bitcoin should steer well clear of sub-$8,500 levels. The second major support level at $8,720 should limit any downside in the week.

At the time of writing, Bitcoin was up by 0.27% to $9,108.5. A mixed start to the week saw Bitcoin fall to an early Monday low $9,075.8 before rising to a high $9,133.5

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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