Bitcoin and Ethereum — Weekly Technical Analysis — November 2021

Bitcoin

Bitcoin’s value in US dollars increased by 0.82 percent in the week ending October 31st. Bitcoin concluded the week at $61,330.0, reversing a 1.07 percent drop from the previous week.

Bitcoin had a positive start to the week, rising to an intraweek high of $63,666.0 on Monday before reversing.

Bitcoin sank to an intraweek low of $57,606.0 on Thursday, falling well short of the first major resistance mark at $65,285.

Before returning to $62,900 levels, Bitcoin went below the first key support level at $58,082.

However, a gloomy weekend pushed Bitcoin below $62,000 for the week.

The week’s upside was provided by three days in the green, which included a 3.70 percent surge on Monday and a 3.68 percent gain on Thursday. However, a 4.46 percent drop on Tuesday curtailed the gains.

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

Bitcoin would require support from the broader market to break out from last week’s high of $63,666.0.

If a crypto rally does not last long, the first big resistance level and barrier at $65,000 will likely restrict any further gains.