Bitcoin and Ethereum – Weekly Technical Analysis – November 2nd, 2020

Bitcoin

Bitcoin rose by 5.52% in the week ending 1^st November. Following on from a 13.20% rally from the week prior, Bitcoin ended the week at $13,756.0.

It was a mixed start to the week. Bitcoin fell to a Monday intraweek low $12,781.0 before making a move.

Steering clear of the first major support level at $11,850, Bitcoin rallied to a Saturday intraweek high $14,055.0.

Bitcoin broke through the first major resistance level at $13,791 to visit $14,000 levels for the first time since January 2018.

A bearish end to the week, however, saw Bitcoin fall back to sub-$14,000 levels.

The pullback also saw Bitcoin fall back through the first major resistance level at $13,791.

5 days in the green that included a 4.34% rally on Tuesday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $13,531 pivot to support a run the first major resistance level at $14,280.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $14,055.0.

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

In the event of another breakout, Bitcoin could test resistance at $15,000 before any pullback. The second major resistance level sits at $14,805.

Failure to avoid a fall through the $13,531 pivot would bring the first major support level at $13,006 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$13,000 support levels. The second major support level sits at $12,257.

At the time of writing, Bitcoin was down by 0.59% to $13,675.0. A mixed start to the week on Monday saw Bitcoin rise to an early Monday morning high $13,836.0 before falling to a low $13,645.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

Ethereum

Ethereum fell by 2.32% in the week ending 1^st November. Partially reversing a 7.37% gain from the previous week, Ethereum ended the week at $369.91.

It was a choppy start to the week. Recovering from a 3.28% slide on Monday, Ethereum struck a Tuesday intraweek high $411.77 before hitting reverse.

Falling well short of the first major resistance level at $431, Ethereum slid to a Friday intraweek low $373.40.

Finding support at the first major support level at $373, however, Ethereum revisited $397 levels before easing back.

4-days in the red that included a 3.28% fall on Monday and a 4.22% slide on Wednesday delivered the downside for the week. A 3.21% rally on Tuesday limited the losses, however.

For the week ahead

Ethereum would need to avoid a fall through the $394 pivot level to support a run at the first major resistance level at $415.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $411.77.

Barring an extended crypto rally, the first major resistance level and last week’s high $411.77 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $432 before any pullback.

Failure to avoid a fall through the $394 pivot would bring the first major support level at $376 and the 38.2% FIB of $367 into play.

Barring an extended crypto market sell-off, however, Ethereum should steer clear of sub-$360 levels. The second major support level sits at $356.

At the time of writing, Ethereum was up by 0.65% to $399.49. A Bullish start to the week saw Ethereum rise from an early Monday morning low $369.90 to an early morning high $404.57.

Ethereum left the major support and resistance levels untested at the start of the week.