Bitcoin and Ethereum – Weekly Technical Analysis – May 10th, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 2.96% in the week ending 9^th May. Following on from a 15.22% gain from the previous week, Bitcoin ended the week at $58,276.0.

A mixed start to the week saw Bitcoin rise to a Monday high $58,945.0 before hitting reverse.

Falling well short of the first major resistance level at $60,344, Bitcoin slid to a Wednesday intraweek low $52,960.0.

Steering clear of the first major support level at $50,849, Bitcoin bounced back to a Saturday intraweek high $59,450.0.

Continuing to fall short of the first major resistance level at $60,344, Bitcoin eased back to end the week at sub-$59,000 levels.

4 days in the green that included a 7.95% rally on Wednesday delivered the upside for the week. A 6.82% slide on Tuesday had put Bitcoin under pressure early in the week, however.

For the week ahead

Bitcoin would need avoid a fall through the $56,895 pivot to support a run the first major resistance level at $60,831.

Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $62,000.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at the April swing hi $64,829.0 before any pullback. The second major resistance level sits at $63,385.

Failure to avoid a fall through the $56,895 pivot would bring the first major support level at $54,341 into play.

Barring another extended sell-off, Bitcoin should steer clear of the 23.6% FIB of $50,473 and the second major support level at $50,405.

At the time of writing, Bitcoin was up by 0.81% to $58,748.7. A mixed start to the week saw Bitcoin fall to an early Monday low $58,080.0 before rising to a high $58,999.0.

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

Ethereum

Ethereum surged by 33.07% in the week ending 9^th May. Following on from a 27.11% breakout from the previous week, Ethereum ended the week at $3,928.44.

It was a particularly bullish week. Ethereum rallied from a Monday intraweek low $2,952.08 to a Sunday intraweek high and a new swing hi $3,984.00.

Steering clear of the first major support levels, Ethereum broke through the first major resistance level at $3,190 and the second major resistance level at $3,428.

4-days in the green that included a 16.32% rally on Monday and a 12.41% gain on Saturday delivered the upside in the week.

For the week ahead

Ethereum would need to avoid a fall through the pivot at $3,614 to bring the first major resistance level at $4,277 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,100 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $4,500 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at $5,000 before any pullback. The second major resistance level sits at $4,625.

Failure to avoid a fall through the pivot at $3,614 would bring the first major support level at $3,266 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of the 23.6% FIB of $3,047. The second major support sits at $2,604.

At the time of writing, Ethereum was up by 0.51% to $3,948.42. A mixed start to the week saw Ethereum fall to an early Monday low $3,893.01 before rising to a high $3,968.72.

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