Bitcoin Weekly Technical Analysis – August 17th, 2020

After last week’s breakout, it’s been a bearish start to the week on Monday. Avoiding the weekly pivot levels would support further upside, however. Bitcoin rose by 2.07% in the week ending 16th August. Following on from a 5.57% gain from the previous week, Bitcoin ended the week at $11,917.5.

It was a mixed start to the week. Bitcoin rose to a Sunday intraweek high $12,079.5 before hitting reverse. Coming up against the first major resistance level at $12,070, Bitcoin slid to a Monday intraweek low $11,123.5.

Steering clear of the first major support level at $11,112, Bitcoin bounced back to a Saturday high $11,991.5 before easing back.

5 days in the green that included a 1.98% gain on Thursday delivered the upside for the week. A 4.33% slide on Tuesday pinned Bitcoin back, however.

Bitcoin Weekly Technical Analysis For the week ahead

Bitcoin would need to avoid a fall through $11,707 pivot to support a run the first major resistance level at $12,290 into play. Support from the broader market would be needed for Bitcoin to break out from the last week’s high $12,079.5. Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of a breakout, Bitcoin could break out from the second major resistance level at $12,663 to target $13,000 levels. A fall through the $11,707 pivot would bring the first major support level at $11,334 into play.

Barring an extended sell-off, Bitcoin should avoid sub-$11,000 levels and the second major support level at $10,751.

At the time of writing, Bitcoin was down by 0.90% to $11,810.5. A mixed start to the week saw Bitcoin rise to an early Monday morning high $11,940.0 before sliding to a low $11,792.0. 

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

Source: FX Empire