Bitcoin and Ethereum – Weekly Technical Analysis – November 1, 2021

[ad_1]

Bitcoin

Bitcoin, BTC to USD, rose 0.82% in the week ending October 31. Reversing a 1.07% drop from the previous week, Bitcoin ended the week at $ 61,330.0.

A bullish start to the week saw Bitcoin hit an intra-week high of $ 63,666.0 on Monday before reversing.

Well below the first major resistance level at $ 65,285, Bitcoin slipped to a Thursday intra-week low of $ 57,606.0.

Bitcoin broke through the first major support level at $ 58,082 before revisiting the $ 62,900 levels.

A bearish weekend, however, left Bitcoin at levels below $ 62,000 for the week.

The 3 days in the green which included a rally of 3.70% on Monday and a gain of 3.68% on Thursday brought the rise for the week. A 4.46% drop on Tuesday, however, limited the increase.

For the coming week

Bitcoin should avoid the $ 60,867 pivot to support the first major resistance level at $ 64,129.

Broad market support would be needed for Bitcoin to break out of last week’s high of $ 63,666.0.

Barring a prolonged crypto rally, the first major resistance level and resistance at $ 65,000 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 located at $ 66,927. However, Bitcoin would need a lot of support to come out of October ATH $ 66,958.0.

A fall through the pivot of $ 60,867 would bring into play the first major support level at $ 58,069.

Barring an extended sell-off, Bitcoin should avoid levels below $ 57,000. The second major support level is at $ 54,807.

As of this writing, Bitcoin was up 0.70% at $ 61,758.0. A mixed start to the week saw Bitcoin drop to $ 61,131.0 early Monday before climbing to $ 61,762.0.

Bitcoin left major support and resistance levels untested early on.

Ethereum

Ethereum rose 5.10% in the week ending October 31. After gaining 6.11% from the previous week, Ethereum ended the week at $ 4,290.16.

After a mixed start to the week, Ethereum fell to an intra-week low on Thursday of $ 3,899.41 before moving.

The story continues

Ethereum broke through the first major support level at $ 4,046 before climbing back to an intra-week high on Friday and to $ 4,461.96 ATH.

Ethereum broke through the first major resistance level at $ 4,413 before falling back to end the week at levels below $ 4,350.

The 3 days in the green which included a 9.28% jump on Thursday brought the rise of the week.

For the coming week

Ethereum should avoid the pivot level of $ 4,217 to support a run to the first major resistance level at $ 4,535.

However, broad market support would be needed for Ethereum to exit last week’s $ 4,461.96 ATH.

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 $ 4,780.

A fall of the pivot to $ 4,217 would bring into play the first major support level at $ 3,972.

Unless there is an extended sell-off during the week, Ethereum should avoid levels below $ 3,800. The second major support level is located at $ 3,655.

At the time of writing, Ethereum was up 0.63% at $ 4,316.98. A mixed start to the week saw Ethereum dip to a low of $ 4,281.33 Monday morning before climbing to a high of $ 4,328.05.

Ethereum left major support and resistance levels untested early on.

This article originally appeared on FX Empire

More from FXEMPIRE:

[ad_2]