Bitcoin and Ethereum – Weekly Technical Analysis – November 8, 2021

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Bitcoin

Bitcoin, BTC to USD, rose 3.16% in the week ending November 7. After gaining 0.82% from the previous week, Bitcoin finished the week at $ 63,263.0.

A bearish start to the week saw Bitcoin drop to a Monday intra-week low of $ 59,522.0 before moving.

Away from the first major support level at $ 58,069, Bitcoin hit an intra-week high on Tuesday of $ 64,291.0.

Facing the first major resistance level at $ 64,129, however, Bitcoin fell back to levels below $ 61,000 before finding support.

A bullish weekend saw Bitcoin return to $ 63,000 to end the week in positive territory.

The 3 days in the green which included a 3.77% rally on Tuesday and a 2.87% gain on Sunday were on the rise for the week. However, a 2.36% drop on Thursday limited the increase.

At the time of writing, Bitcoin was up 3.13% to $ 65,241.0. A bullish start to the week saw Bitcoin drop from a low of $ 63,277.0 on Monday morning to a high of $ 65,241.0 on Monday morning.

Bitcoin broke through the first major resistance level at $ 65,195 early on.

For the coming week

Bitcoin should avoid falling back into the first major resistance level at $ 65,195 to bring into play the second major resistance level at $ 67,128.

Broad market support would be needed for Bitcoin to exit the October ATH at $ 66,958.0.

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

In the event of a prolonged breakout, Bitcoin could test resistance at $ 70,000 before any withdrawal. The third major resistance level is located at $ 71,897.

A fall through the first major resistance level and through the pivot at $ 62,359 would bring into play the first major support level at $ 60,426.

Barring an extended sell-off, Bitcoin should avoid levels below $ 58,000. The second major support level is at $ 57,590.

Ethereum

Ethereum rose 7.62% in the week ending November 7. After gaining 5.10% from the previous week, Ethereum finished the week at $ 4,617.02.

The story continues

A mixed start to the week saw Ethereum drop to an intra-week low of $ 4,151.00 on Monday before moving.

Away from the first major support level at $ 3,972, Ethereum hit an intra-week high on Wednesday and ATH $ 4,670.98.

Ethereum broke through the first major resistance level at $ 4,535 before falling back to levels below $ 4,400.

A bullish weekend, however, saw Ethereum break through the first major resistance level to end the week at levels of $ 4,600.

The 4 days in the green which included a 6.29% rally on Tuesday brought the rise of the week.

At the time of writing, Ethereum was up 1.71% to $ 4,696.06. A mixed start to the week saw Ethereum dip to a low of $ 4,616.50 Monday morning before climbing to a new 4,711.00 ATH ATH.

Ethereum left major support and resistance levels untested early on.

For the coming week

Ethereum should avoid the $ 4,480 pivot level to support a run to the first major resistance level at $ 4,808.

However, broad market support would be needed for Ethereum to exit this Monday’s new $ 4,711.00 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 the second major resistance level at $ 5,000.

A fall through the $ 4,480 pivot would bring into play the first major support level at $ 4,288.

Unless there is an extended sell-off during the week, Ethereum should avoid levels below $ 4,000. The second major support level is at $ 3,960.

This article originally appeared on FX Empire

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