Bitcoin and Ethereum – Weekly Technical Analysis – February 22nd, 2021

Bitcoin

Bitcoin, BTC to USD, rallied by 18.06% in the week ending 21^st February. Following on from a 25.08% breakout from the previous week, Bitcoin ended the week at $57,376.0.

A mixed start to the week saw Bitcoin fall to a Monday intraweek low $45,730.5 before making a move.

Steering clear of the first major support level at $41,134, Bitcoin rallied to a Sunday intraweek high and a new swing hi $58,321.2.

Bitcoin broke through the first major resistance level at $57,109 and the second major resistance level at $57,109.

Falling short of $60,000 levels, however, Bitcoin eased back to end the week at sub-$57,000 levels.

The pullback saw Bitcoin fall briefly fall back through the second major resistance level at $57,109.

4 days in the green that included an 8.34% rally on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $53,809 pivot to support a run the first major resistance level at $61,888.

Support from the broader market would be needed for Bitcoin to break out from 21^st February’s new swing hi $58,321.2.

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 $65,000 before any pullback. The second major resistance level sits at $66,400.

Failure to avoid a fall through the $53,809 pivot would bring the first major support level at $49,297 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$45,000 levels and the second major support level at $41,219. The 23.6% FIB of $45,501 should limit the downside.

At the time of writing, Bitcoin was down by 1.31% to $56,625.0. A mixed start to the week saw Bitcoin rise to an early Monday high $57,449.0 before falling to a low $56,000.0.

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

Ethereum

Ethereum rose by 7.34% in the week ending 21^st February. Following on from an 11.65% rally from the previous week, Ethereum ended the week at $1,935.57.

It was also a mixed start to the week. Ethereum fell to a Monday intraweek low $1,659.93 before making a move.

Steering clear of the first major support level at $1,621, Ethereum rallied to a Saturday intraweek high and a new swing hi $2,041.42.

Ethereum broke through the first major resistance level at $1,932 before a late Saturday slide back to sub-$1,900 levels.

Finding support late Saturday and through Sunday, however, Ethereum broke back through the first major resistance level to wrap up the week at $1,935 levels.

5-days in the green included a 3.93% gain on Wednesday and a 4.73% rally on Thursday contributed to the upside in the week.

For the week ahead

Ethereum would need to avoid a fall through the pivot level at $1,879 to support a run at the first major resistance level at $2,098.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s new swing hi $2,041.42.

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

In the event of another extended breakout, Ethereum could test resistance at $2,300 before any pullback. The second major resistance level sits at $2,260.

Failure to avoid a fall through the pivot level at $1,879 would bring the first major support level at $1,717 into play.

Barring an extended sell-off in the week, Ethereum should steer well clear of sub-$1,700 levels, however. The second major support level sits at $1,497.

At the time of writing, Ethereum was down by 2.30% to $1,891.01. A mixed start to the week saw Ethereum rise to an early Monday high $1,938.95 before falling to a low $1,871.18.

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