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

By:
Bob Mason
Published: Nov 1, 2021, 01:23 UTC

After hitting all-time highs last week, Bitcoin and Ethereum would need to breakout from last week's highs to avoid a pullback in the week ahead. Avoiding the pivots will be key.

Cryptocurrency Ethereum with One Dollar Bill as financial concept.

Bitcoin

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

A bullish start to the week saw Bitcoin rise to a Monday intraweek high $63,666.0 before hitting reverse.

Falling well short of the first major resistance level at $65,285, Bitcoin slid to a Thursday intraweek low $57,606.0.

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

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

3-days in the green that included a 3.70% rally on Monday and a 3.68% gain on Thursday delivered the upside for the week. A 4.46% slide on Tuesday limited the upside, however.

For the week ahead

Bitcoin would need to avoid the $60,867 pivot to support a run the first major resistance level at $64,129.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $63,666.0.

Barring an extended crypto rally, the first major resistance level and resistance at $65,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $70,000 before any pullback. The second major resistance level sits at $66,927. Bitcoin would need plenty of support, however, to breakout from October’s ATH $66,958.0.

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

Barring an extended sell-off, Bitcoin should steer clear of the sub-$57,000 levels. The second major support level sits at $54,807.

At the time of writing, Bitcoin was up by 0.70% to $61,758.0. A mixed start to the week saw Bitcoin fall to an early Monday low $61,131.0 before rising to a high $61,762.0.

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

BTCUSD 011121 Daily Chart

Ethereum

Ethereum rose by 5.10% in the week ending 31st October. Following a 6.11% gain from the previous week, Ethereum ended the week at $4,290.16.

After a mixed start to the week, Ethereum fell to a Thursday intraweek low $3,899.41 before making a move.

Ethereum fell through the first major support level at $4,046 before rallying to a Friday intraweek high and ATH $4,461.96.

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

3-days in the green that included a 9.28% jump on Thursday delivered the upside in the week.

For the week ahead

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

Support from the broader market would be needed, however, for Ethereum to break out from last week’s ATH $4,461.96.

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 resistance at $5,000 levels before any pullback. The second major resistance level sits at $4,780.

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

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,800 levels. The second major support level sits at $3,655.

At the time of writing, Ethereum was up by 0.63% to $4,316.98. A mixed start to the week saw Ethereum fall to an early Monday low $4,281.33 before rising to a high $4,328.05.

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

ETHUSD 011121 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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