Advertisement
Advertisement

Bitcoin and Ethereum – Weekly Technical Analysis – September 13th, 2021

By:
Bob Mason
Published: Sep 13, 2021, 01:53 UTC

Following last week's pullback, failure to move through the week's pivot levels would leave the majors under pressure once more...

Ethereum Crypto Currency Market

Bitcoin

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

A bullish start to the week saw Bitcoin rise to a Tuesday intraweek high $52,888.0 before hitting reverse.

Falling short of the first major resistance level at $53,590, Bitcoin slid to a Tuesday intraweek low $43,220.0.

The sell-off saw Bitcoin fall through the first major support level at $48,280 and the second major support level at $44,780.

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

Steering clear of the 38.2% FIB of $41,592, however, Bitcoin broke back through major support levels to revisit $47,000 levels before easing back.

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

3 days in the red that included an 11.06% tumble on Tuesday delivered the downside for the week.

For the week ahead

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

Support from the broader market would be needed for Bitcoin to break back through to $50,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $57,050. Bitcoin would need plenty of support, however, to breakout from last week’s high $52,888.0.

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

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

At the time of writing, Bitcoin was down by 1.62% to $45,295.0. A mixed start to the week saw Bitcoin rise to an early Monday morning high $46,269.0 before falling to a low $45,211.0.

Bitcoin left the major support and resistance levels untested early on.

BTCUSD 130921 Daily Charta

Ethereum

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

A mixed start to the week saw Ethereum rise to a Monday intraweek low $3,973.27 before hitting reverse.

Falling short of the first major resistance level at $4,273, Ethereum tumbled to a Tuesday intraweek low $3,009.00.

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

Steering clear of sub-$3,000, however, Ethereum broke back through the 23.6% FIB and the first major support level to revisit $3,500 levels.

A 2nd 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 levels.

4-days in the red that included a 12.52% slide on Tuesday delivered the downside in the week.

For the week ahead

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

Support from the broader market would be needed, however, for Ethereum to break out from $3,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $3,973.27 would likely cap any upside.

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

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

Barring an extended sell-off in the week, Ethereum should steer clear of the second major support level at $2,824.

At the time of writing, Ethereum was down by 1.95% to $3,337.24. A mixed start to the week saw Ethereum rise to an early Monday high $3,430.00 before falling to a low $3,329.24.

While leaving the major support and resistance levels untested at the start of the week, Ethereum fell through the 23.6% FIB of $3,369.

ETHUSD 130921 Daily Charta

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.

Did you find this article useful?

Advertisement