Bitcoin and Ethereum – Weekly Technical Analysis – July 5th, 2021

Bitcoin

Bitcoin, BTC to USD, rose in the week of Jan. by 1.53%the July. Bitcoin partially reversed a 2.55% loss from the previous week, ending the week at $ 35,276.

After a mixed start to the week, Bitcoin rose to an intra-week high of $ 36,600.0 on Tuesday before hitting the setback.

Bitcoin missed the first major resistance level of $ 37,302 and slid to an intra-week low of $ 32,700.0 on Friday.

To bypass the first major support level at $ 30,717, Bitcoin moved back to the $ 35,000 level to hit the uptrend for the week.

4 days in the green that included a 4.14% rally on Tuesday provided the uptrend for the week.

For the coming week

Bitcoin would need to avoid relapsing the $ 34,859 pivot to support a run above the first major resistance level at $ 37,017.

Support from the broader market would be required for Bitcoin to break out of last week’s high at $ 36,600.0.

Aside from an extended crypto rally, the first major resistance level would likely limit any uptrend.

In the event of a prolonged breakout, Bitcoin could test the resistance at $ 40,000 before pulling back. The second major resistance level is at $ 38,759.

Failure to avoid relapsing the $ 34,859 pivot would come into play at the first major support level at $ 33,117.

Aside from another lengthy sell-off, Bitcoin should stay away from under $ 30,000. The second major support level at $ 30,959 should limit the downside.

At the time of writing, Bitcoin is down 1.11% to $ 34,883.0. A bearish start to the week caused Bitcoin to drop from an early Monday high of $ 35,280.0 to a low of $ 34,773.0.

Bitcoin left key support and resistance levels untested earlier in the week.

ether

ether in the week ending 4. increased by 17.04%the July. Ethereum reversed an 11.51% drop from the previous week and ended the week at $ 2,323.15.

After a mixed start to the week, Ethereum fell to an intra-week low of $ 1,957.24 on Monday before making a move.

To bypass the 62% FIB of $ 1,725 ​​and the first major support level at $ 1,703, Ethereum hit an intra-week high of $ 2,389.22.

Ethereum broke the first major resistance level at $ 2,263 and ended the week at $ 2,300.

6 days in the green that included a 5.10% rally on Wednesday provided the uptrend for the week.

For the coming week

Ethereum would have to avoid the pivot at $ 2,223 to bring the first major resistance level into play at $ 2,489.

However, for Ethereum to break back to a level of $ 2,400, support from the broader market would be required.

Aside from an extended crypto rally, the first major resistance level and resistance at USD 2,500 would likely limit any uptrend.

In the event of a prolonged breakout, Ethereum could test resistance at the 38.2% FIB of $ 2,740 before pulling back. The second major resistance level is at $ 2,655.

A fall through the pivot at $ 2,223 would bring the first major support level into play at $ 2,057.

Aside from another longer sell-off during the week, Ethereum should stay away from under $ 2,000. The second major support is at $ 1,791.

At the time of writing, Ethereum is down 0.25% to $ 2,317.30. After a mixed start to the week, Ethereum fell to a low of $ 2,303.44 early Monday before rising to a high of $ 2,324.44.

Ethereum left key support and resistance levels untested earlier in the week.

These items was originally published on FX Empire

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