Bitcoin and Monero’s XMR – Weekly Technical Analysis – September 21st, 2020

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It was a particularly bullish start to the week. Bitcoin rallied from a Monday intraweek low $10,259.0 to a Saturday intraweek high $11,185.0.

Steering clear of the first major support level at $9,935, Bitcoin broke through the first major resistance level at $10,675 and the second major resistance level at $11,019.

It was a bearish end to the week, however. Bitcoin fell back through the second major resistance level to wrap up the week at sub-$11,000 levels.

4 days in the green that included a 3.47% gain on Monday delivered the upside. A 1.47% slide on Sunday limited the upside for the week, however.

For the week ahead

Bitcoin would need to avoid a fall through $10,793 pivot to support a run the first major resistance level at $11,327.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $11,185.

Barring an extended crypto rally, the first major resistance level and resistance at $11,500 would likely pin Bitcoin back.

In the event of a breakout, Bitcoin could test the second major resistance level at $11,719 and resistance at $12,000 before any pullback.

Failure to avoid a fall through the $11,793 pivot would bring the first major support level at $10,401 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$10,000 levels. The second major support level sits at $9,867.

At the time of writing, Bitcoin was up by 0.28% to $10,964.6.  A mixed start to the week saw Bitcoin fall to an early Monday morning low $10,917.0 before rising to a high $10,993.0.

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