ZB Market Daily: BTC & ETH weekly technical analysis
By: Zb Market Research
Tags: Blockchain, Bitcoin, Crypto, Cryptocurrency, Analysis

BTC Price started last week with a strong bullish momentum to the upside. Prior to last week trading session. BTC Price gained support at $18025 after a major correction of all time high of $19905.6.

This support Price level became a platform for demand for Bitcoin by institutional and retail traders, which caused BTC Price to rally over last week trading session.

Last week, BTC Price opened on Monday trading session with a high of $19166.8. BTC Price gained 0.37% on Monday and closed at $19238.4. The bulls steered at $19380.8 resistance that was created on the 3rd and 7th of December trading session.

On the 15th of December, the bulls broke the resistance and tried to retest previous last week all time high of $19915. BTC Price closed with a daily bullish pin bar which gave strong bullish bias for uptrend continuation.

On the 16th of December, BTC Price hedged higher as volume increased as result of the bullish pin bar signal that was printed on the 15th of December.

BTC Price was driven with high bullish momentum to the upside. BTC Price rallied to a high of $21490.2 at 11.53% gain.

Traders booked for profit at $21490.2 which caused BTC Price to pull back to a weekly low of $18856.0. The bulls wrestled with BTC Price at a resistance of $19720.4.

During the New York opening trading session, the bulls got volume to the upside. BTC Price made a retracement and closed with daily high of $23754.5.

During the weekend volatility, BTC Price hedged higher to a yearly all time high of $24265.4

Traders liquidated their long position, which caused BTC Price to make correction from the yearly all-time of $24265.4 to a low of $23119.

BTC Weekly Chart

Technically from daily time frame perspective, BTC Price made a rejection at the upper band of the Bollinger band and closed the last day of the week with a bearish candle at $23513.2.

BTC Price had a wide range from the 20-period moving average, a probable retest of the SMA could be tested in coming week.

RSI down sloped from 78 to 75.31 mark in the over-bought territory. This is a signal for near term correction of the last week rally.

Areas of concentration in the week ahead will be $23125.6 and $24245.1, if the bears break and close BTC price below $23125.6 in the first day of the coming week.

We could have a major correction of the uptrend for BTC price to print a higher low of $20297.1. But if the bulls break above $24245.1, the rally will continue in the week ahead.

ETH

ETH Price started last week with an indecision to continue with previous week bullish momentum to the upside.

ETH price opened on Monday trading session with $589.43. ETH Price flipped lower to retest a broken resistance of $574.06. Although the bulls pull ETH Price to close at the Monday opened. This market scenario formed a Doji candle.

ETH repeated this market pattern on Tuesday due to lack of volume, although ETH Price printed high of $594.58.

ETH price steered on the 6th December resistance which caused ETH Price to close at the opened Price. ETH Price got volume as the bears were weak to push Price lower than $575.60. Traders accumulated the underlying asset at $580.21.

On the 16th of December, ETH rallied to a high of $713.95. Traders booked for profit, which caused a pull back. ETH Price closed the intraday at $635.38.

More attempts to push ETH Price by the bulls failed as many traders liquidated their position in the following day trading session.

As Bitcoin dominance increased on the weekend, volume got decreased in ETH trading pair. ETH Price ranged as the bulls got weak.

ETH price closed the week bearish although above previous week high.

ETH Weekly Chart

Technically from daily time frame perspective, ETH Price made a rejection at the upper band of the Bollinger band and closed the last day of the week with a bearish candle at $636.55.

BTC Price had a wide range from the 20-period moving average, a probable retest of the SMA could be tested in coming week.

RSI down sloped from 66.72 to 60.43 mark in the over-bought territory. This is a signal for near term correction of the last week rally.

Areas of concentration in the week ahead will be $616.44 and $668.34. If the bears break and close ETH price below $616.44 in the first day of the coming week. We could have a major correction of the uptrend to print a higher low of $590.44.

But if the bulls break above $668.34, the rally will probably continue in the week ahead.

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