Bitcoin and Tron’s TRX Weekly Technical Analysis – September 7th, 2020
It was a mixed start to the week. Bitcoin fell by 0.50% on Monday to an early weekly low $11,600 before making a move.
Steering clear of the first major support level at $11,296, Bitcoin rose to a Monday intraweek high $12,067.
Bitcoin came up against the first major resistance level at $12,006 before hitting reverse.
The reversal saw Bitcoin tumble to a Saturday intraweek low $9,925.5.
Bitcoin fell through the week’s major resistance levels before finding support on Sunday.
On the day, Bitcoin broke back through the third major support level at $10,151 to wrap up the week at $10,200 levels.
4 days in the red that included a 10.85% stumble on Thursday delivered the downside for the week.
For the week ahead
Bitcoin would need to move through the $10,756 pivot level to support a run the first major resistance level at $11,587.
Support from the broader market would be needed for Bitcoin to break back through to $11,000 levels.
Barring an extended crypto rally, resistance at $11,000 would likely leave Bitcoin short of the first major resistance level.
In the event of a breakout, Bitcoin could test resistance at $12,000 before any pullback. Bitcoin would likely come up well short of the second major resistance level at $12,898, however.
Failure to move through the $10,756 pivot would bring the first major support level at $9,445 into play.
Barring another extended sell-off, Bitcoin should avoid sub-$9,000 levels and 23.6% FIB of $8,900. The second major support level sits at $8,615
At the time of writing, Bitcoin was up by 0.18% to $10,294.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $10,258.2 before rising to a high $10,330.0 early on Monday.
Bitcoin left the major support and resistance levels untested at the start of the week.
