Bitcoin and Ethereum – Weekly Technical Analysis – November 1st, 2021
Bitcoin
Bitcoin, BTC to USD, rose by 0.82% in the week ending 31st October. Reversing a 1.07% decline from the week prior, Bitcoin ended the week at $61,330.0.
A bullish start to the week saw Bitcoin rise to a Monday intraweek high $63,666.0 before hitting reverse.
Falling well short of the first major resistance level at $65,285, Bitcoin slid to a Thursday intraweek low $57,606.0.
Bitcoin fell through the first major support level at $58,082, before revisiting $62,900 levels.
A bearish weekend, however, left Bitcoin at sub-$62,000 levels for the week.
3-days in the green that included a 3.70% rally on Monday and a 3.68% gain on Thursday delivered the upside for the week. A 4.46% slide on Tuesday limited the upside, however.
For the week ahead
Bitcoin would need to avoid the $60,867 pivot to support a run the first major resistance level at $64,129.
Support from the broader market would be needed for Bitcoin to break out from last week’s high $63,666.0.
Barring an extended crypto rally, the first major resistance level and resistance at $65,000 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $70,000 before any pullback. The second major resistance level sits at $66,927. Bitcoin would need plenty of support, however, to breakout from October’s ATH $66,958.0.
A fall through the $60,867 pivot would bring the first major support level at $58,069 into play.
Barring an extended sell-off, Bitcoin should steer clear of the sub-$57,000 levels. The second major support level sits at $54,807.
At the time of writing, Bitcoin was up by 0.70% to $61,758.0. A mixed start to the week saw Bitcoin fall to an early Monday low $61,131.0 before rising to a high $61,762.0.
Bitcoin left the major support and resistance levels untested early on.
Ethereum
Ethereum rose by 5.10% in the week ending 31st October. Following a 6.11% gain from the previous week, Ethereum ended the week at $4,290.16.
After a mixed start to the week, Ethereum fell to a Thursday intraweek low $3,899.41 before making a move.
Ethereum fell through the first major support level at $4,046 before rallying to a Friday intraweek high and ATH $4,461.96.
Ethereum broke through the first major resistance level at $4,413 before easing back to end the week at sub-$4,350 levels.
3-days in the green that included a 9.28% jump on Thursday delivered the upside in the week.
For the week ahead
Ethereum would need avoid the $4,217 pivot level to support a run at the first major resistance level at $4,535.
Support from the broader market would be needed, however, for Ethereum to break out from last week’s ATH $4,461.96.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another extended breakout, Ethereum could test resistance at $5,000 levels before any pullback. The second major resistance level sits at $4,780.
A fall through the $4,217 pivot would bring the first major support level at $3,972 into play.
Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,655.
At the time of writing, Ethereum was up by 0.63% to $4,316.98. A mixed start to the week saw Ethereum fall to an early Monday low $4,281.33 before rising to a high $4,328.05.
Ethereum left the major support and resistance levels untested early on.
This article was originally posted on FX Empire
