Bitcoin and Ethereum – Weekly Technical Analysis – November 15th, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 3.47% in the week ending 14^th November. Following a 3.16% gain from the week prior, Bitcoin ended the week at $65474.0.

A bullish start to the week saw Bitcoin rise to Wednesday intraweek high and a new ATH $68,958.0 b before hitting reverse.

Bitcoin broke through the first major resistance level at $65,195 and the second major resistance level at $67,128.

The reversal, however, saw Bitcoin slide to a Friday intraweek low $62,255.0.

Steering clear of the first major support level at $60,426, Bitcoin found support to end the week at $65,000 levels.

The recovery also saw Bitcoin break back through the first major resistance level at $65,195.

3-days in the green that included a 6.74% rally on Monday delivered the upside for the week. A 3.09% slide on Wednesday limited the upside, however.

At the time of writing, Bitcoin was up by 0.69% to $65,929.0. A bullish start to the week saw Bitcoin rise from an early Monday low $65,474.0 to a high $66,163.0.

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

For the week ahead

Bitcoin would need to avoid a fall back through the $65,562 pivot to bring the first major resistance level at $68,870 into play.

Support from the broader market would be needed for Bitcoin to break back through to $68,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s ATH $68,958.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test second major resistance level at $72,265 before any pullback.

A fall back through the $65,562 pivot would bring the first major support level at $62,167 into play.

Barring an extended sell-off, Bitcoin should steer clear of the sub-$60,000 levels. The second major support level sits at $58,859.

Ethereum

Ethereum rose by 0.21% in the week ending 14^th November. Following a 7.62% gain from the previous week, Ethereum ended the week at $4,627.03.

A bullish start to the week saw Ethereum rise to a Wednesday intraweek high and ATH $4,867.81 before hitting reverse.

Ethereum broke through the first major resistance level at $4,808 before sliding to a Wednesday intraweek low $4,460.00.

Steering well clear of the first major support level at $4,288, Ethereum revisited $4,800 levels before easing back.

The first major resistance level at $4,808 pegged Ethereum back from a 2^nd breakout later in the week.

2-days in the green that included a 4.22% rally on Monday delivered the upside in the week.

At the time of writing, Ethereum was up by 1.26% to $4,685.21. A bullish start to the week saw Ethereum rise from an early Monday low $4,626.61 to a high $4,696.04.

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

For the week ahead

Ethereum would need avoid a fall back through the $4,652 pivot level to support a run at the first major resistance level at $4,843.

Support from the broader market would be needed, however, for Ethereum to break back through to $4,800 levels.

Barring an extended crypto rally, the first major resistance level and last week’s ATH $4,867.81 would likely cap any upside.

In the event of another extended breakout, Ethereum could test the second major resistance level at $5,059.

A fall back through the $4,652 pivot would bring the first major support level at $4,435 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of the second major support level at $4,244.