Bitcoin and Ethereum weekly technical analysis September 13, 2021

[ad_1]

Bitcoin

Bitcoin, BTC to USD, slipped 11.09% in the week ending September 12. Reversing a 6.10% gain from the previous week, Bitcoin finished the week at $ 46,038.9.

A bullish start to the week saw Bitcoin hit an intra-week high of $ 52,888.0 on Tuesday before reversing.

Below the first major resistance level at $ 53,590, Bitcoin slipped to a Tuesday intra-week low of $ 43,220.0.

The sell-off saw Bitcoin move from the first major support level to $ 48,280 and the second major support level to $ 44,780.

Bitcoin also fell through the FIB by 23.6% to $ 50,473.

However, avoiding the 38.2% FIB of $ 41,592, Bitcoin broke through major support levels to revisit the $ 47,000 levels before slacking off.

The pullback saw Bitcoin fall back into the first major support level to end the week at $ 46,000.

3 days in the red which included an 11.06% drop on Tuesday delivered the setback of the week.

For the coming week

Bitcoin is expected to break through the $ 47,382 pivot to support a 23.6% FIB run of $ 50,473 and the first major resistance level at $ 51,545.

Broad market support would be needed for Bitcoin to return to levels of $ 50,000.

Barring a prolonged crypto rally, the first major resistance level would likely cap any rise.

In the event of a prolonged breakout, Bitcoin could test resistance at $ 55,000 before any pullback. The second major resistance level is located at $ 57,050. However, Bitcoin would need a lot of support to break out of last week’s high of $ 52,888.0.

Failure to cross the pivot of $ 47,382 would bring into play the first major support level at $ 41,877 and the FIB at 38.2% of $ 40,592.

Barring an extended sell-off, Bitcoin should avoid the second major support level at $ 37,714.

As of this writing, Bitcoin was down 1.62% to $ 45,295.0. A mixed start to the week saw Bitcoin hit a high of $ 46,269.0 early Monday morning before falling to a low of $ 45,211.0.

Bitcoin left major support and resistance levels untested early on.

The story continues

Ethereum

Ethereum slipped 13.87% in the week ending September 13. Partially reversing the breakout of 22.49% from the previous week, Ethereum ended the week at $ 3,403.75.

A mixed start to the week saw Ethereum hit an intra-week low of $ 3,973.27 on Monday before reversing.

Below the first major resistance level at $ 4,273, Ethereum fell to a Tuesday week low of $ 3,009.00.

Ethereum broke through the first major support level at $ 3,388 and the FIB at 23.6% from $ 3,369.

However, by avoiding the $ 3,000, Ethereum broke through the FIB by 23.6% and the first major support level to review the $ 3,500 levels.

A second pullback, however, saw Ethereum briefly fall back through the first major support level and the 23.6% FIB before ending the week at $ 3,400.

The 4 days in the red which included a 12.52% drop on Tuesday delivered the setback of the week.

For the coming week

Ethereum is expected to break through the 23.6% FIB of $ 3,369 and the pivot level of $ 3,462 to support a run to the first major resistance level at $ 3,915.

However, broad market support would be needed for Ethereum to break out of the $ 3,500 levels.

Barring a prolonged crypto rally, the first major resistance level and last week’s high of $ 3,973.27 would likely cap any rise.

In the event of another prolonged breakout, Ethereum could test the second major resistance level at $ 4,426.

Failure to cross the 23.6% FIB and $ 3,462 pivot would bring the first major support level to $ 2,951.

Barring an extended sell-off during the week, Ethereum should avoid the second major support level at $ 2,824.

At the time of this writing, Ethereum was down 1.95% at $ 3,337.24. A mixed start to the week saw Ethereum hit a high of $ 3,430.00 on Monday morning before falling to a low of $ 3,329.24.

While leaving major support and resistance levels untested earlier in the week, Ethereum fell to 23.6% FIB from $ 3,369.

This article originally appeared on FX Empire

More from FXEMPIRE:

[ad_2]