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

Bitcoin

Bitcoin, BTC to USD, rose by 3.16% in the week ending 7th November. Following a 0.82% gain from the week prior, Bitcoin ended the week at $63,263.0.

A bearish start to the week saw Bitcoin fall to a Monday intraweek low $59,522.0 before making a move.

Steering clear of the first major support level at $58,069, Bitcoin rose to a Tuesday intraweek high $64,291.0.

Coming up against the first major resistance level at $64,129, however, Bitcoin slid back to sub-$61,000 levels before finding support.

A bullish weekend saw Bitcoin break back through to $63,000 levels to end the week in positive territory.


3-days in the green that included a 3.77% rally on Tuesday and a 2.87% gain on Sunday delivered the upside for the week. A 2.36% slide on Thursday limited the upside, however.

At the time of writing, Bitcoin was up by 3.13% to $65,241.0. A bullish start to the week saw Bitcoin rally from an early Monday low $63,277.0 to an early Monday high $65,241.0.

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

For the week ahead

Bitcoin would need to avoid a fall back through the first major resistance level at $65,195 to bring the second major resistance level at $67,128 into play.

Support from the broader market would be needed for Bitcoin to break out from October’s ATH $66,958.0.

Barring an extended crypto rally, the second major resistance level would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $70,000 before any pullback. The third major resistance level sits at $71,897.

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

Barring an extended sell-off, Bitcoin should steer clear of the sub-$58,000 levels. The second major support level sits at $57,590.

Ethereum

Ethereum rose by 7.62% in the week ending 7th November. Following a 5.10% gain from the previous week, Ethereum ended the week at $4,617.02.

A mixed start to the week saw Ethereum fall to a Monday intraweek low $4,151.00 before making a move.

Steering clear of the first major support level at $3,972, Ethereum rallied to a Wednesday intraweek high and ATH $4,670.98.

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

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

4-days in the green that included a 6.29% rally on Tuesday delivered the upside in the week.

At the time of writing, Ethereum was up by 1.71% to $4,696.06. A mixed start to the week saw Ethereum fall to an early Monday low $4,616.50 before rising to a new ATH $4,711.00.

Ethereum left the major support and resistance levels untested early on.

For the week ahead

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

Support from the broader market would be needed, however, for Ethereum to break out from this Monday’s new ATH $4,711.00.

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 the second major resistance level at $5,000.

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

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$4,000 levels. The second major support level sits at $3,960.