Bitcoin and Ethereum – Weekly Technical Analysis – December 6th, 2021

Must Read

Crypto asset manager Babel Finance reaches $2B valuation

Despite recent swings in cryptocurrency values, many institutional investors appear undeterred. The growth of Babel Finance, which...

Taiwanese Crypto Firm XREX Plants a Flag on European Soil

European Union (EU) member state Lithuania has approved a ‘Virtual Asset Service Provider’ license for Taiwanese blockchain fintech project...

Weekly Institutional BTC Outflows Hit $154 Million Last Week

BTC investment products saw a significant jump in outflows last week as institutional investors showed a glimpse...

Bitcoin

Bitcoin, BTC to USD, slid by 13.70% in the week ending 5th December. Following a 2.29% loss in the week prior, Bitcoin ended the week at $49,474.

A mixed start to the week saw Bitcoin rise to Tuesday intraweek high $59,174 before hitting reverse. Falling well short of the first major resistance level at $60,023, Bitcoin tumbled to a Saturday intraweek low $41,634.

Bitcoin fell through the week’s major support levels. The extended sell-off also saw Bitcoin fall through the 23.6% FIB of $53,628 and the 38.2% FIB of $44,144.

Finding weekend support, however, Bitcoin broke back through the 38.2% FIB and the third major support level at $44,987 to end the week at $49,000 levels.

4-days in the red that included an 5.01% slide on Friday and an 8.27% tumble on Saturday delivered the downside.

At the time of writing, Bitcoin was down by 1.02% to $48,968. A mixed start to the week saw Bitcoin rise to an early Monday high $49,522 before falling to a low $48,472.

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

For the week ahead

Bitcoin would need to move through the $50,094 pivot to bring the first major resistance level at $58,554 into play.

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $53,628. Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could test resistance at $60,000 before any pullback. The second major resistance level sits at $67,634.

Failure to move through the $50,094 pivot would bring the 38.2% FIB of $44,144 and the first major support level at $41,014 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$40,000 levels. The second major support level sits at $32,554.

Ethereum

Ethereum fell by 2.21% in the week ending 5th December. Reversing a 0.83% gain from the previous week, Ethereum ended the week at $4,203.

A relatively bullish start to the week saw Ethereum rise to a Wednesday intraweek high $4,785 before hitting reverse.

Ethereum broke through the first major resistance level at $4,598 before sliding to a Saturday intraweek low $3,575. The extended sell-off saw Ethereum fall through the first major support level at $3,957 and the second major support level at $3,616.

Ethereum also fell through the 23.6% FIB of $3,738 before finding support. The partial recovery saw Ethereum move back through the 23.6% FIB and the major support levels to end the week at $4,200 levels.

4-days in the red that included a 6.59% sell-off on Friday delivered the downside in the week. 3 consecutive days in the green at the start of the week limited the damage, however.

At the time of writing, Ethereum was down by 1.33% to $4,147. A mixed start to the week saw Ethereum rise to an early Monday high $4,210 before falling to a low $4,108.

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

For the week ahead

Ethereum would need to move back through the $4,188 pivot level to support a run at the first major resistance level at $4,800.

Support from the broader market would be needed, however, for Ethereum to break out from $4,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $4,785 would likely cap any upside.

In the event of another extended breakout, Ethereum could test resistance at $5,000 before any pullback. The second major resistance level sits at $5,398. Ethereum would need plenty of support, however, to breakout from its ATH $4,867.81.

Failure to move back through the $4,188 pivot would bring the 23.6% FIB of $3,738 and the first major support level at $3,590 into play. Barring an extended sell-off, however, Ethereum should steer clear of the 38.2% FIB of $3,039. The second major support level sits at $2,978.

Source: https://www.fxempire.com

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Crypto asset manager Babel Finance reaches $2B valuation

Despite recent swings in cryptocurrency values, many institutional investors appear undeterred. The growth of Babel Finance, which...

Taiwanese Crypto Firm XREX Plants a Flag on European Soil

European Union (EU) member state Lithuania has approved a ‘Virtual Asset Service Provider’ license for Taiwanese blockchain fintech project XREX. The decision enables the...

Weekly Institutional BTC Outflows Hit $154 Million Last Week

BTC investment products saw a significant jump in outflows last week as institutional investors showed a glimpse of panic. According to a...

Almost $1 Trillion Wiped From Crypto Markets Over Last 7 Weeks – Tether Continues To Bleed

Crypto markets have continued to haemorrhage since early April this year, as they are pushed down by most other asset classes during...

Cryptocurrency tax firm CoinTracker announces foray into Indian market

Cryptocurrency portfolio tracking and tax compliance platform CoinTracker on Wednesday announced its foray into the Indian market. The company's move...
- Advertisement -

More Articles Like This