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

By:
Bob Mason
Updated: May 10, 2021, 11:59 UTC

It's a relatively bullish start to the week. Avoiding the week's pivot levels would support further upside. For Bitcoin, resistance at $60,000 will need to be broken, however.

Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Bitcoin

Bitcoin, BTC to USD, rose by 2.96% in the week ending 9th May. Following on from a 15.22% gain from the previous week, Bitcoin ended the week at $58,276.0.

A mixed start to the week saw Bitcoin rise to a Monday high $58,945.0 before hitting reverse.

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.

BTCUSD 100521 Daily Chart

Ethereum

Ethereum surged by 33.07% in the week ending 9th May. Following on from a 27.11% breakout from the previous week, Ethereum ended the week at $3,928.44.

It was a particularly bullish week. Ethereum rallied from a Monday intraweek low $2,952.08 to a Sunday intraweek high and a new swing hi $3,984.00.

Steering clear of the first major support levels, Ethereum broke through the first major resistance level at $3,190 and the second major resistance level at $3,428.

4-days in the green that included a 16.32% rally on Monday and a 12.41% gain on Saturday delivered the upside in the week.

For the week ahead

Ethereum would need to avoid a fall through the pivot at $3,614 to bring the first major resistance level at $4,277 into play.

Support from the broader market would be needed, however, for Ethereum to break through to $4,100 levels.

Barring an extended crypto rally, the first major resistance level and resistance at $4,500 would likely cap any upside.

In the event of an extended breakout, Ethereum could test resistance at $5,000 before any pullback. The second major resistance level sits at $4,625.

Failure to avoid a fall through the pivot at $3,614 would bring the first major support level at $3,266 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of the 23.6% FIB of $3,047. The second major support sits at $2,604.

At the time of writing, Ethereum was up by 0.51% to $3,948.42. A mixed start to the week saw Ethereum fall to an early Monday low $3,893.01 before rising to a high $3,968.72.

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

ETHUSD 100521 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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