Weekly Technical Analysis on Bitcoin and Ethereum.

The majors would need to avoid the weekly pivot levels and break back through early in the week highs to support another week in the green.

Bitcoin

Bitcoin rose by 0.57% in the week ending 30thAugust. Following a 2.19% slide from the previous week, Bitcoin ended the week at $11,730.0.

It was a bullish start to the week. Bitcoin rose to a Monday intraweek high $11,847.0 before hitting reverse.

Falling short of the first major resistance level at $12,305 Bitcoin slid to a Tuesday intraweek low $11,137.0.

Bitcoin fell through the first major support level at $11,205, Bitcoin a moving back through to $11,700 levels on Sunday.

4 days in the green that included a 2.07% gain on Sunday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $11,571 pivot to support a run the first major resistance level at $12,006.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $11,847.

Barring an extended crypto rally, the first major resistance level and last week’s high would likely cap any upside.

In the event of a breakout, Bitcoin could test the second major resistance level at $12,281. Expect plenty of resistance at $12,000, however.

Failure to avoid a fall through the $11,571 pivot would bring the first major support level at $11,296 into play.

Barring an extended sell-off, Bitcoin should avoid sub-$11,000 and the second major support level at $10,861.

In the event of a sell-off, expect support at $10,500 to be tested in the week.

At the time of writing, Bitcoin was down by 0.02% to $11,727.2. A mixed start to the week saw Bitcoin fall to an early Monday morning low $11,713.0 before rising to a high $11,744.0.

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

Ethereum

Ethereum rose by 9.73% in the week ending 30th August. Reversing a 9.87% slide from the previous week, Ethereum ended the week at $428.94.

A bullish start to the week saw Ethereum rise to a Monday high $411.97 hitting reverse.

Falling well short of the first major resistance level at $432.00, Ethereum slid to Tuesday intraweek low $369.36.

Ethereum steered clear of the 23.6% FIB of $367 and the first major support level at $364 in the pullback.

Finding support in the latter part of the week, Ethereum struck a Sunday intraweek high $429.90 before easing back. In spite of the rally, Ethereum came up short of the first major resistance level at $432.

5 days in the green that included a 4.31% gain on Monday and 7.62% rally on Sunday delivered the upside.

A 5.99% slide on Tuesday limited the upside for the week, however.

For the week ahead

Ethereum would need to avoid a fall through the $409 pivot to support a run at the first major resistance level at $449.

Support from the broader market would be needed, however, for Ethereum to break out from an early Monday high $430.55.

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

In the event of another breakout, Ethereum could test the second major resistance level at $470.

Failure to avoid a fall through the $409 pivot would bring the first major support level at $389 into play.

Barring an extended broader-market sell-off, however, Ethereum should steer well clear of the 38.2% FIB of $367. The second major support level sits at $349.

At the time of writing, Ethereum was down by 0.42% to $427.14. A mixed start to the day saw Ethereum rise to an early Monday morning high $430.55 before falling to a low $424.11.

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