Bitcoin and Ethereum weekly technical analysis July 26, 2021

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Bitcoin

Bitcoin, BTC to USD, rose 11.30% in the week ending July 25. Partially reversing a loss of 7.09% from the previous week, Bitcoin ended the week at $ 35,415.0.

In a bearish start to the week, Bitcoin slipped to an intra-week low on Tuesday of $ 29,313.0 before moving.

The reversal saw Bitcoin break through the first major resistance level at $ 30,358 before climbing back to an intra-week high of $ 35,444.0 on Sunday.

Bitcoin broke through the first major resistance level at $ 33,969 per week at $ 35,000.

5 days in the green which included a 7.87% jump on Wednesday and a 4.12% gain on Friday brought the rise for the week.

For the coming week

Bitcoin should avoid falling back into the first major resistance level at $ 37,468 to bring into play $ 40,000 levels.

Broad market support would be needed for Bitcoin to break through the second major resistance level at $ 39,522.

Barring a prolonged crypto rally, the 38.2% FIB resistance at $ 41,592 would likely cap any rise.

In the event of a prolonged breakout, Bitcoin could test resistance at $ 45,000 before any pullback. The third major resistance level is located at $ 45,653.

A fall through the first major resistance level and through the pivot at $ 33,391 would bring into play the first major support level at $ 31,337.

Unless another extended sell-off, Bitcoin is expected to avoid levels below $ 30,000 and the second major support level at $ 27,260.

As of this writing, Bitcoin was up 8.12% to $ 38,292.4. A bullish start to the week saw Bitcoin go from a low of $ 35,233.0 on Monday morning to a high of $ 39,777.0.

Bitcoin broke through the first major resistance level at $ 37,468 to test the second major resistance level at $ 39,522 earlier in the week.

Ethereum

Ethereum rose 15.94% in the week ending July 25. Reversing an 11.67% drop from the previous week, Ethereum ended the week at $ 2,193.03.

A bearish start to the week saw Ethereum slide to an intra-week Tuesday low of $ 1,720.16 before moving.

The story continues

Ethereum broke through the first major support level at $ 1,771 before climbing back to an intra-week high of $ 2,200.00 on Saturday.

The extended rally saw Ethereum break through the first major resistance level at $ 2,090 to end the week at $ 2,190.

The 5 days in the green which included an 11.74% rise on Wednesday and a 4.99% rally on Friday brought the rise for the week.

For the coming week

Ethereum should avoid the $ 2,038 pivot to bring into play the first major resistance level at $ 2,355.

However, broad market support would be needed for Ethereum to return to levels of $ 2,350.

Barring a prolonged crypto rally, the first major resistance level and resistance at $ 2,400 would likely cap any rise.

In the event of a prolonged breakout, Ethereum could test the second major resistance level at $ 2,518.

A fall through the pivot to $ 2,038 would bring into play the first major support level at $ 1,875.

Unless another extended sell-off during the week, Ethereum is expected to avoid the 62% FIB of $ 1,725. The second major support stands at $ 1,558.

At the time of this writing, Ethereum was up 5.11% at $ 2,305.0. A mixed start to the week saw Ethereum dip to a low of $ 2,172.99 on Monday morning before climbing back to a high of $ 2,341.37.

Ethereum left major support and resistance levels untested earlier this week.

This article originally appeared on FX Empire

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