This week, we have introduced Ether to our retail platform. Going forward, we’ll cover both BTC and ETH in the weekly technical analysis.

This week in Bitcoin

After finding support at the $8,100 level we mentioned last week, BTCUSD has made consecutive lower highs and lower lows. The daily trend is to the downside, and we anticipate that the market is seeking for liquidity between $7,200 and $6,850.

We have a confluence of factors lining up at this $7,200 to $6,850 zone, which is highlighted by the green triangle in the chart above:

• 78.6% Fibonacci Retracement of the April rally
• 161.8 Fibonacci Extension of the the first leg down from the May high
• 1:1 Double drive
• The conjunction of the trendlines

Here are this week’s support and resistance levels:

Support levels:

• $7,200 - $6,850
• $6,380 - $6,000 (STOPS)

Resistance levels:

• $9,900
• $11,800

This week in Ether

The $838 high made this month was the retest of the broken upward trendline starting from July last year. ETH is now consolidating, and we have a bit of support. That being said, $537 - $480 is the next liquidity pool.

Resistance levels:

• $830
• $940 - $980

Support levels:

• $625 - $590
• $537 - $480

We’ll be back again next week for another market analysis.

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