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

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.