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Bitcoin and Ethereum – Weekly Technical Analysis – July 26th, 2021

By:
Bob Mason
Updated: Jul 26, 2021, 11:17 UTC

It's been a particularly bullish start to the week. A Bitcoin return to $40,000 levels would spur an extended rally, with resistance levels in play at the start of the week.

Ethereum Crypto Currency Market

Bitcoin

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

In a bearish start to the week, Bitcoin slid to a Tuesday intraweek low $29,313.0 before making a move.

The reversal saw Bitcoin fall through the first major resistance level at $30,358 before rallying to a Sunday intraweek high $35,444.0.

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

5 days in the green that included a 7.87% jump on Wednesday and a 4.12% gain on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $37,468 to bring $40,000 levels into play.

Support from the broader market would be needed for Bitcoin to break back through the second major resistance level at $39,522.

Barring an extended crypto rally, resistance at the 38.2% FIB of $41,592 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The third major resistance level sits at $45,653.

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

Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels and the second major support level at $27,260.

At the time of writing, Bitcoin was up by 8.12% to $38,292.4. A bullish start to the week saw Bitcoin rise from an early Monday low $35,233.0 to a high $39,777.0.

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

BTCUSD 260721 Daily Chart

Ethereum

Ethereum rallied by 15.94% in the week ending 25th July. Reversing an 11.67% slide from the previous week, Ethereum ended the week at $2,193.03.

A bearish start to the week saw Ethereum slide to a Tuesday intraweek low $1,720.16 before making a move.

Ethereum fell through the first major support level at $1,771 before rallying to a Saturday intraweek high $2,200.00.

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

5-days in the green that included an 11.74% surge on Wednesday and a 4.99% rally on Friday delivered the upside for the week.

For the week ahead

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

Support from the broader market would be needed, however, for Ethereum to break back through to $2,350 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $2,400 would likely cap any upside.

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

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

Barring another extended sell-off in the week, Ethereum should steer clear of the 62% FIB of $1,725. The second major support sits at $1,558.

At the time of writing, Ethereum was up by 5.11% to $2,305.0. A mixed start to the week saw Ethereum fall to an early Monday low $2,172.99 before rallying to a high $2,341.37.

Ethereum left the major support and resistance levels untested at the start of the week.

ETHUSD 260721 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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