Bitcoin and Litecoin – Weekly Technical Analysis – December 21st, 2020

Steering clear of the first major support level at $ 18,053, Bitcoin rose to Sunday’s intraweek peak and a new swing hiked $ 24,244.0.

Bitcoin burst through the week’s major resistance levels en route to an all-new peak.

A bearish end to the week, Bitcoin saw a fall back to the end of the week at sub $ 23,500 levels. Despite the downside, however, Bitcoin managed to avoid falling back through the third major level of resistance at $ 22,418.

6 days in the green which included a 9.55% rally on Wednesday and a 6.89% win on Thursday achieved the upside.

For the week ahead

Bitcoin would need to avoid falling through a $ 22,186 punch to support the run of the first major resistance level at $ 25,364.

Support from the wider market would be needed for Bitcoin to break through to $ 25,000 levels.

With the exception of an extended crypto rally, the first major resistance level and the resistance at $ 25,500 would likely cap any upside.

In the event of another breach, Bitcoin could experience resistance at $ 28,000 before any withdrawal. The second major resistance level is $ 27,301.

Failing to avoid a fall through the $ 22,186 pivot would bring in the first major support level at $ 20,249.

With the exception of other extended sales, however, Bitcoin should stay clear of sub-$ 20,000 support levels and the 23.6% FIB of $ 19,374. The second major support level is $ 17,071.

At the time of writing, Bitcoin was up 1.02% to $ 23,666.0. A mixed start to the week on Monday saw Bitcoin slump to a low early morning of $ 23,280.0 before hitting a high of $ 23,693.0.

Bitcoin left the large levels of support and resistance untested at the beginning of the week.