Bitcoin and Ethereum – Weekly Technical Analysis – October 25, 2021

[ad_1]

Bitcoin

Bitcoin, BTC to USD, fell 1.07% in the week ending October 24. After rallying 12.48% from the previous week, Bitcoin ended the week at $ 60,847.0.

A mixed start to the week saw Bitcoin drop to a low of $ 59,883.0 on Monday before taking a step.

Away from major support levels, Bitcoin hit an all-time high on Wednesday and an intra-week high of $ 66,958.0.

Bitcoin broke through the first major resistance level at $ 64,990 before falling to an intra-week low on Saturday of $ 59,755.0.

Continuing to avoid the first major support level at $ 55,928, Bitcoin revisited the $ 61,000 levels before falling back into the red.

4 days in the green which included a 3.66% rally on Tuesday brought the good side of the week. A 5.76% drop on Thursday, however, limited the increase.

For the coming week

Bitcoin would need to break through the $ 62,520 pivot to support a run from the first major resistance level to $ 65,285

Broad market support would be needed for Bitcoin to return to levels of $ 65,000.

Barring a prolonged crypto rally, the first major resistance level and last week’s all-time high of $ 66,958.0 would likely cap any rise.

In the event of a prolonged breakout, Bitcoin could test resistance at $ 70,000 before any withdrawal. The second major resistance level is at $ 69,723.

Failure to break through the $ 62,520 pivot would bring into play the first major support level at $ 58,082.

Unless there is an extended sell-off, Bitcoin should avoid levels below $ 55,000. The second major support level at $ 55,317 should limit the decline.

At the time of writing, Bitcoin was up 1.53% to $ 61,778.8. A mixed start to the week saw Bitcoin fall to a Monday morning low of $ 60,632.0 before climbing to a high of $ 62,111.0.

Bitcoin left major support and resistance levels untested early on.

Ethereum

Ethereum rose 6.11% in the week ending October 24. After rallying 12.66% from the previous week, Ethereum ended the week at $ 4,082.64.

A bearish start to the week saw Ethereum dip to an intra-week Monday low of $ 3,676.35 before moving.

The story continues

Away from the first major support level at $ 3,491, Ethereum hit an intra-week high of $ 4,374.95 on Thursday.

Ethereum broke through the first major resistance level at $ 4,086 and the second major resistance level at $ 4,325.

Bearish at the start of the weekend, Ethereum fell back through resistance levels below $ 4,000.

A bullish Saturday, however, saw Ethereum break through the first major resistance level to revisit the $ 4,100 levels before slacking off.

The 3 days in the green which included a 7.32% jump on Wednesday and a 4.96% rally on Saturday brought the rise of the week.

For the coming week

Ethereum should avoid the $ 4,045 pivot level to support a run to the first major resistance level at $ 4,413.

However, broad market support would be needed for Ethereum to emerge from the all-time high of $ 4,384.30 in May.

Barring a prolonged crypto rally, the first major resistance level would likely cap any rise.

In the event of another prolonged breakout, Ethereum could test resistance at $ 5,000 levels before any pullbacks. The second major resistance level is located at $ 4,743.

A fall of the pivot of $ 4,045 would bring into play the first major support level at $ 3,714.

Unless there is an extended sell-off during the week, Ethereum should avoid levels below $ 3,500. The second major support level is at $ 3,346.

At the time of this writing, Ethereum was up 1.03% at $ 4,124.55. A mixed start to the week saw Ethereum dip to a low of $ 4,069.22 Monday morning before climbing to a high of $ 4,144.26.

Ethereum left major support and resistance levels untested early on.

This article originally appeared on FX Empire

More from FXEMPIRE:

[ad_2]