Bitcoin declined by 2.5% over the last week, dropping to the $7,220 level. The cryptocurrency has been trapped within a tight range between $7,708 and $7,123 for the entire period of December, thus far. A breakout of this range will dictate the direction Bitcoin will head toward over the following weeks.
If the bulls continue to rebound, initial strong resistance is located at $7,400 and $7,700. Above the range, resistance lies at $8,086 (bearish .5 Fibonacci Retracement level) and $8,400 (100-days and 200-days EMA). Alternatively, if the sellers push beneath the lower boundary of the range, support lies at $7,000, $6,900, $6,500 (November low), and $6,270 (downside 1.272 Fib Extension).
Ethereum was unable to make any ground above the resistance at $152.40 this week, which caused it to roll over and drop beneath the $150 level. ETH is trapped within an acute symmetrical triangle at this moment, but the market looks primed to drop beneath the lower boundary.
From above, the nearest level of resistance is expected at the upper boundary of the triangle and then at $152.40. Above this, resistance can be found at $138.60, $165.23, $175 (100-days EMA), and $185. Alternatively, toward the downside, support is seen at $140, $138.81, and $137.16. Beneath this, added support is located at $133.50 (November low and downside 1.414 Fib Extension).
Against Bitcoin, Ethereum broke beneath the previous symmetrical triangle but has established a new boundary that held. For trading in December, ETH has been trapped between 0.0205 BTC and 0.0196 BTC and must pass this range to dictate the next move.
Toward the downside, initial support is located at 0.0196 BTC. Beneath this, support can be found at 0.019 BTC (.618 Fib Retracement), 0.0194 BTC (downside 1.618 Fib Extension), and 0.0179 BTC. On the other hand, if the bulls push higher, initial resistance relies at 0.0205 BTC and 0.0208 BTC (100-days EMA). Beyond this, resistance is located at the upper boundary of the triangle and at…