Bitcoin (BTC), Ethereum (ETH) Weekly Tech Analysis – 6 December

Bitcoin Cryptocurrency Ethereum News Price Analysis

After a bearish mode for top currencies last week, cryptos need to overpower week’s pivot zones to prevent another red week.

Bitcoin

BTC/USD lost 13.7% during the week ending 5 December. BTC ended the week hovering at $49,474, following a 2.29% dip over the previous week. Unpredictable sessions early on the week had Bitcoin rising to $59,174 on Tuesday before retracing. Failure to overcome the initial crucial resistance at $60,023 saw BTC tumbling to an intraweek low of $41,634 on Saturday.

The crash saw BTC breaching week’s critical support levels. Moreover, the extended decline also had BTC falling beneath 23.6% Fibonacci of $53,628 and 38.2% Fibonacci of $44,144. The crypto secured support floor over the weekend. That way, it surged back through 38.2% Fibonacci and 3rd crucial support area at $44,987, ending the week near $49,000.

Four days of bearishness, including a 5% drop on Friday and Saturday’s 8% tumble, delivered BTC’s downside move. At this publication, BTC hovered at $48,900 after a 1.02% surge. Unpredictable trends at the start of the week had BTC rising to an early Monday peak of $49,522 before declining to $48,472.

BTC’s Week Ahead

Bitcoin required a move past $50,094 to test its first resistance at $58,554. Meanwhile, Broad market support is necessary for BTC to crack past 23.6% Fibonacci at $53,628. The first crucial resistance will prevent Bitcoin’s upsurges without a massive rally.

A massive breakout will see BTC testing the $60,000 resistance before corrections emerge. The 2nd critical resistance locates at $67,642. Failure to conquer the $50,095 pivot will mean BTC, hitting 38.2% Fibonacci at $44,144 and the support at $41,014.

Ethereum

ETH lost 2.2% during the week that ended on 5 December. With that, the alt reversed the previous week’s 0.83% surge ending the week near $4,201. Meanwhile, Ethereum surged past the resistance at $4,598 before hitting a $3,575 intraweek low on Saturday. The extended fall saw ETH losing its first support at $3,957 and the 2nd one at $3,616.

While publishing this article, ETH trades at $4,147 following a 1.33% fall. Mixed sessions early on the week have ETH hitting an early Monday peak of $4,210 before reversing to $4,108.

ETH’s Week Ahead

ETH needs a move past $4,188 to support an upswing to the first resistance zone at $4,800. Meanwhile, the alt will rely on broad market support to overpower hurdles at $4,500. An extended breakout will see Ethereum hitting $5,000 before retracing. The 2nd massive resistance is at $5,398. Meanwhile, failure to overcome $4,188 can witness the alt dipping to 23.6% Fibonacci of $3,738 and the initial support at $3,590.

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