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

Bob Mason
·4-min read

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.

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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.

This article was originally posted on FX Empire

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