Bitcoin and EOS Weekly Technical Analysis – August 17th, 2020

Bitcoin

Bitcoin rose by 2.07% in the week ending 16^th August. Following on from a 5.57% gain from the previous week, Bitcoin ended the week at $11,917.5.

It was a mixed start to the week. Bitcoin rose to a Sunday intraweek high $12,079.5 before hitting reverse.

Coming up against the first major resistance level at $12,070, Bitcoin slid to a Monday intraweek low $11,123.5.

Steering clear of the first major support level at $11,112, Bitcoin bounced back to a Saturday high $11,991.5 before easing back.

5 days in the green that included a 1.98% gain on Thursday delivered the upside for the week. A 4.33% slide on Tuesday pinned Bitcoin back, however.

For the week ahead

Bitcoin would need to avoid a fall through $11,707 pivot to support a run the first major resistance level at $12,290 into play.

Support from the broader market would be needed for Bitcoin to break out from the last week’s high $12,079.5.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could break out from the second major resistance level at $12,663 to target $13,000 levels.

A fall through the $11,707 pivot would bring the first major support level at $11,334 into play.

Barring an extended sell-off, Bitcoin should avoid sub-$11,000 levels and the second major support level at $10,751.

At the time of writing, Bitcoin was down by 0.90% to $11,810.5. A mixed start to the week saw Bitcoin rise to an early Monday morning high $11,940.0 before sliding to a low $11,792.0.

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

EOS

EOS rallied by 28.08% in the week ending 16^th August. Following on from a 2.72% gain from the week prior, EOS ended the week at $3.8792.

A bullish start to the week saw EOS rally to a Monday high $3.3461 before hitting reverse.

EOS broke through the first major resistance level at $3.2945 before sliding to a Tuesday intraweek low $2.8715.

Steering clear of the first major support level at $2.7396, EOS rallied to a Sunday intraweek high $3.9863.

EOS broke back through the first major resistance level and broke through the second major resistance level at $3.5619.

6 days in the green that included a 13.97% rally on Saturday delivered the upside for the week.

For the week ahead

EOS would need to avoid a fall through the $3.5790 pivot to support a run at the first major resistance level at $4.2865.

Support from the broader market would be needed, however, for EOS to break out from last week’s high $3.9863.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, the second major resistance level at $4.6938 and $5.00 levels would likely come into play.

A fall through the $3.5790 pivot would bring the first major support level at $3.1717 into play.

Barring an extended broader-market sell-off, however, EOS should steer well clear of sub-$3.00 levels. The second major support level sits at $2.4642.

At the time of writing, EOS was down by 1.44% to $3.8234. A mixed start to the week saw EOS rise to an early Monday high $3.9069 before falling to a low $3.7881.

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