Bitcoin and Litecoin – Weekly Technical Analysis – December 21st, 2020It’s a bullish start to the week for the majors. Steering clear of the week’s pivot levels should bring resistance levels into play.
Bitcoin, BTC to USD, rallied by 22.14% in the week ending 20th December. Reversing a 1.18% fall from the previous week with interest, Bitcoin ended the week at $23,427.0.
It was a mixed start to the week. Bitcoin fell to a Monday intraweek low $19,008.3 before making a move.
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Steering clear of the first major support level at $18,053, Bitcoin surged to a Sunday intraweek high and a new swing hi $24,244.0.
Bitcoin broke through the week’s major resistance levels on the way to a new all-time high.
A bearish end to the week, saw Bitcoin fall back to end the week at sub-$23,500 levels. In spite of the pullback, however, Bitcoin avoided a fall back through the third major resistance level at $22,418.
6 days in the green that included a 9.55% rally on Wednesday and a 6.89% gain on Thursday delivered the upside.
For the week ahead
Bitcoin would need to avoid a fall through $22,186 pivot to support a run the first major resistance level at $25,364.
Support from the broader market would be needed for Bitcoin to break through to $25,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $25,500 would likely cap any upside.
In the event of another breakout, Bitcoin could test resistance at $28,000 before any pullback. The second major resistance level sits at $27,301.
Failure to avoid a fall through the $22,186 pivot would bring the first major support level at $20,249 into play.
Barring another extended sell-off, however, Bitcoin should steer clear of sub-$20,000 support levels and the 23.6% FIB of $19,374. The second major support level sits at $17,071.
At the time of writing, Bitcoin was up by 1.02% to $23,666.0. A mixed start to the week on Monday saw Bitcoin fall to an early morning low $23,280.0 before striking a high $23,693.0.
Bitcoin left the major support and resistance levels untested at the start of the week.
Litecoin surged by 39.48% in the week ending 20th December. Following a 1.65% decline from the previous week, Litecoin ended the week at $114.65.
A mixed 1st half of the week saw Litecoin fall to a Wednesday intraweek low $78.43 before making a move.
Steering clear of the first major support level at $72.5, Litecoin rallied to a Saturday intraweek high $124.40.
Litecoin broke through the week’s major resistance levels.
More significantly, Litecoin also broke through the 62% FIB of $100 to form a near-term bullish trend formed at March’s swing lo $25.0
A mixed end to the week saw Litecoin pullback to end the week at sub-$115 levels. In spite of the pullback, Litecoin ended the week holding above the third major resistance level at $113.6.
5-days in the green that included a 14.28% breakout on Wednesday and a 9.65% rally on Saturday delivered the upside.
For the week ahead
Litecoin would need to avoid a fall through the pivot level at $105.8 to support a run at the first major resistance level at $133.2.
Support from the broader market would be needed, however, for Litecoin to break through to $130 levels.
Barring another extended crypto rally, the first major resistance level and resistance at $135 would likely cap any upside.
In the event of another breakout, the second major resistance level at $151.8 and resistance at $160 would likely come into play.
Failure to avoid a fall through the $105.8 pivot would bring 23.6% FIB of $101 and sub-$100 levels into play.
Barring an extended sell-off, however, Litecoin should steer clear of the first major support level at $87.3 and the 38.2% FIB of $86.
At the time of writing, Litecoin was up by 1.13% to $115.94. A mixed start to the week saw Litecoin fall to an early morning low $113.12 before striking a high $116.95.
Litecoin left the major support and resistance levels untested early in the day on Monday.