• Bitcoin made a 1.53% recovery throughout the last week. 
  • The $33,120 level offers the immediate support zone while the $36,415 level represents the next major resistance zone.
  • Ethereum made a 17.04% recovery during the past week. 

Bitcoin

BTCUSD had improved by 1.53% by the end of last week. The was an improvement from the previous week’s 0.0255 plunge. After an intensive Sunday and Monday, BTC moved to around $36,600 on early Tuesday before losing the gains later in the day. After hitting the $37,298 resistance zone, price retraced to $32,680 on Friday. After the $30,730 support zone held, price made a climb towards the $35,100 zone. These moves are what resulted to BTC closing with a slightly bullish weekly candlestick.

For this week;

The $33,120 level has been holding as support for the first three days of this week. The $36,415 level represents the next major resistance level worth watching. This level is close to last week’s high, which was at $36,599. Based on our technical analysis, this zone will present a potential hindrance to any upside movement of the crypto for the remaining part of the week. Any break above this level would expose price to the $38,738 level, then the $41,000 level.

Alternatively, a break below the $33,120 level would expose the $31,500 level as the next key support area. This support zone should prevent price from making a dip to the $29,200 region. At the time of this analysis, price was at $34,623 as shown in the hourly and daily charts below;

image from meta trader 5

image from meta trader 5

Ethereum

Ethereum recovered by 17.04% by the end of last week. This helped retrace the previous week’s 11.5% plunge. Last week’s weekly candlestick closed at $2,324. On the Monday of the previous week, price had dropped to the $1,956 zone. By Sunday, price had recovered to the $2,388 level. To get there, price had to break through the $2,258 level of resistance. Last Wednesday, price showed massive bullish pressure by managing a 5.1% rally on a single day.

For the first 3 days of this week, price has managed to stay above the $2174 support area. However, the $2380 area seems to be stalling price and thus preventing it from making further moves to the upside. Thus, the $2174 zone and the $2380 area are the immediate zones worth keeping an eye on. $2880 represents the second key resistance while $1795 represents the second key support. The chart below shows these levels;

image from meta trader 5

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