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Bitcoin(BTC) and Ethereum(ETH) – Weekly Technical Analysis – May 24th, 2021.

Bitcoin(BTC)

Bitcoin's value in US dollars fell by 25.42 percent in the week ended May 23rd. Bitcoin finished the week at $34,747.0, following a 20.06 percent loss the previous week.

Bitcoin had a mixed start to the week, peaking at $46,796.0 on Monday before reversing.

On Wednesday, Bitcoin fell to an intraweek low of $29,563.0, just missing the first major support level of $56,118.

During the extended sell-off, Bitcoin broke through the first major support level at $40,549 and the second major support level at $34,500.

The 23.6 percent FIB of $50,473 and the 38.2 percent FIB of $41,592 were also breached by Bitcoin.

However, after finding mid-week help, Bitcoin briefly broke through the 38.2 percent FIB before reverting to the deep red.

The week's downside was delivered by 5 days of losses, including a 14.38 percent drop on Wednesday.

For the week ahead

To endorse a run to the first big resistance level at $44,508, Bitcoin will need to pass through the $37,045 pivot and the 38.2 percent FIB of $41,592.

For Bitcoin to break out of the $40,000 range, it would need support from the rest of the economy.

If there isn't a long-term crypto recovery, the first big resistance level would possibly limit any more gains.

Before any pullback, Bitcoin could challenge resistance at the 23.6 percent FIB of $50,473 in the event of a prolonged breakout. $54,268 is the second main resistance stage.

If the pivot is not breached, the first big support level at $27,275 and the 62 percent FIB of $27,237 will be tested.

Bitcoin should avoid falling below the $20,000 support level unless there is another prolonged sell-off. $19,802 is the second big support standard.

Bitcoin was up 1.03 percent to $35,106.1 at the time of publishing. Bitcoin fell to an early Monday low of $34,733.0 before rising to a high of $35,895.0, indicating a mixed start to the week.

Early on, Bitcoin did not test the big support and resistance thresholds.

                                                        

Ethereum(ETH)

In the week ending May 23rd, Ethereum fell by 41.43 percent. Ethereum finished the week at $2,099.58, down 8.73 percent from the previous week's close.

Ethereum had a mixed week, growing to an intraweek high of $3,590.0 on Monday before reversing.

After falling short of the first major support level at $4,136, Ethereum fell to an intraweek low of $1,728.00 on Sunday.

As a result of the extended sell-off, Ethereum broke through the week's key support levels.

The 23.6 percent FIB of $3,369 and the 38.2 percent FIB of $2,740 were also breached by Ethereum.

Ethereum came back through to $2,000 levels after finding support at the 62 percent FIB of $1,725. This helped to reduce the deficit.

The downside was delivered by a 5-day losing streak that included a 27.61 percent drop on Wednesday.

For the week ahead

To reach the 38.2 percent FIB of $2,740 and the first big resistance level at $3,217, Ethereum will have to break through the pivot at $2,473.

For Ethereum to break back through to $3,000 levels, however, it will need support from the rest of the sector.

If a crypto rally continues, the first big resistance level of $3,369 and the 23.6 percent FIB of $3,369 will possibly limit any more gains.

Before any pullback, Ethereum could challenge resistance at $4,000 in the event of a prolonged breakout. $4,335 is the second main resistance stage.

If the pivot at $2,473 is not broken, the 62 percent FIB of $1,725 and the first big support level at $1,355 will be tested.

Ethereum can avoid sub-$1,000 levels unless there is another prolonged sell-off this week. At $611, the second big support is found.

Ethereum was up 0.56 percent to $2,111.44 at the time of publishing. Ethereum rose to an early Monday high of $2,207.00 before dropping to a low of $2,072.15. Ethereum had a mixed start to the week, rising to an early Monday high of $2,207.00 before falling to a low of $2,072.15.

At the start of the week, Ethereum did not test the big support and resistance thresholds.

                                                        

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