Weekly Bitcoin & Ethereum technical analysis

Weekly Bitcoin & Ethereum technical analysis

  1. Bitcoin price formed a major bottom at the $9096 low and recovered well against the US Dollar.
  2. The BTC/USD pair is currently attempting to settle above two bearish trend lines with resistance at $12,250 on the 4-hours chart .
  3. The price must settle above the $12800 level to gain upside momentum in the near term.

Bitcoin price is gaining momentum above $11,500 against the US Dollar. BTC/USD is trading with a positive bias and it looks set to break the $12,800 resistance.

After a major decline, bitcoin price was able to find buyers below the $10,000 level against the US Dollar. A low was formed at $9096 from where an upside recovery was initiated. The price moved higher and was able to trade above the $10,000 resistance. There was a break above the 23.6% Fib retracement level of the last decline from the $14,219 high to $9096 low.

There are many positive signs on the chart above $11,000. More importantly, the price is above the 50% Fib retracement level of the last decline from the $14,219 high to $9096 low. At the moment, the BTC/USD pair is currently attempting to settle above two bearish trend lines with resistance at $12,250 on the 4-hours chart. It is positive sign above $12,000. However, the pair has to settle above the $12,800 level to gain upside momentum. Moreover, the price should clear the 61.8% Fib retracement level of the last decline from the $14,219 high to $9096 low at $13,010.

Overall, it looks like the pair is around a crucial juncture below $13,000. Should bitcoin succeeds in moving above $13,000, there could be more gains in the near term above $15,000.

Looking at the technical indicators:

4-hours MACD – The MACD is now slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is just above the 50 level and is moving down slowly.

Major Support Level – $11,000

Major Resistance Level – $13,000

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ETH/USD

  1. ETH price is trading nicely above the $1000 level and is moving positively against the US Dollar.
  2. There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD .
  3. The pair has to settle above $1150 and the 100 simple moving average (4-hours) to gain traction.

Ethereum price has recovered nicely against the US Dollar and Bitcoin. ETH/USD now has to break the $1150 and $1180 level to gain further momentum

There was a slow and steady recovery initiated from the $750 swing low in ETH price against the US Dollar. The price gained traction and was able to move above the $900 resistance level. There was also a break above the 23.6% Fib retracement level of the last decline from the $1415 high to $753 low. There are many positive signs on the chart above $1000. However, the price is currently facing a major upside barrier near $1150 and $1180.

There is a monster bearish trend line acting as a resistance at $1150 on the 4-hours chart of ETH/USD. The trend line resistance at $1150 is also near the 100 simple moving average (4-hours). Moreover, the 61.8% Fib retracement level of the last decline from the $1415 high to $753 low is at $1162. Therefore, there are many resistances on the upside around the $1150-1180 levels. Once there is a break and close above $1180, there can be more gains in the near term.

The next major resistance would be the 76.4% Fib retracement level of the last decline from the $1415 high to $753 low at $1259. On the downside, an initial support is at $1000. However, the most important support is now forming at $900.

4-hours MACD – The MACD is about to move back in the bullish zone.

4-hours RSI – The RSI is currently just above the 50 level.

Major Support Level – $1000

Major Resistance Level – $1180

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