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BTC and ETH Weekly Tech Analysis – 20 September

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Sep 20, 2021

Top tokens seem to start this week with a bearish attitude. Failure to visit the previous week’s high might leave major cryptocurrencies under pressure this week.

Bitcoin

The week ending 19 September had BTC-USD increasing its value by 2.61%. That had the flagship crypto reversing the 11.09% loss from the prior week, ending the week around the price levels at $47,239. Meanwhile, bearishness at the start of the week saw BTC plunging to intraweek lows at $43,444 on Monday before moving.

Nevertheless, Bitcoin surged to an intraweek high on Saturday, hovering at $48,819. That was after the asset kept away the initial support zone at $41,877. Failure to overcome the 23.6% Fibonacci at $50,473 and the initial resistance zone at $51,545, BTC dropped towards sub-$47,000 before ending Sunday around $47,200 price levels.

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Four days in the red zone, including a 2.34% Monday plunge, contributed to the week’s downside momentum.

BTC’s Week Ahead

BTC has to avoid the pivot at $46,501 to rally towards the initial crucial resistance zone at 23.6% Fibonacci of $50,473 and $49,557. The correct upside catalysts are essential for the dominant crypto to break out of the previous week’s peak at $48,819.

The 23.6% Fibonacci will prevent BTC from surging higher if the market lacks upside catalysts. However, positive price actions will see the asset testing resistance level at $52,000 before plummets surface. The 2nd critical resistance stood at $51,876.

While writing these lines, BTC trades at $47,103 after dropping 0.29%. Nevertheless, early sessions this week saw the asset rising to $47,327 on Monday before declining towards $46,792 lows.

Ethereum

Last week saw ETH losing 2.21% of its price. After the previous week’s 13.87% loss, the leading altcoin ended its week at around $3,328.6. However, unpredictable movements early last week saw eth declining to intraweek lows of $3,111 on Monday before any move.

Steering past the support at $3,077 had Ethereum hitting 23.6% Fibonacci at $3,369. The alt secured support on Tuesday. After that, it surged to an intraweek high of $3,675 on Thursday before dipping in the red area.

ETH’s Week Ahead

For now, Ethereum has to overcome the pivot at $3,372 and 23.6% Fibonacci of $3,369 to rise to the resistance at $3,633. Meanwhile, overall market support will help the token break past $3,550. Failure to conquer the Fib mentioned earlier will have the alt at the initial support at $3,068.

While writing this content, ETH lost 0.54% to stand at $3,310. Weak momentum early this week witnessed ETH climbing to $3,346 Monday high before plummeting to $3,259 lows.

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