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


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.



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