Weekly Technical Analysis for Bitcoin and Ethereum – November 8th, 2021

It's been a bullish start to the week, with Ethereum reaching a new all-time high on Monday. Avoiding the pivot levels for the week would support a breakout week ahead.

Bitcoin,

BTC to USD, increased by 3.16 percent in the week ending November 7th. Bitcoin finished the week at $63,263.0, up 0.82 percent from the previous week.

After a bearish start to the week, Bitcoin fell to an intraweek low of $59,522.0 on Monday before making a move.

Bitcoin rose to an intraweek high of $64,291.0 on Tuesday, breaking through the first major support level at $58,069.

When Bitcoin came up against the first major resistance level at $64,129, it slid back to sub-$61,000 levels before finding support.

A bullish weekend saw Bitcoin reclaim $63,000 levels, allowing it to end the week in positive territory.

Three days in the green, including a 3.77 percent gain on Tuesday and a 2.87 percent gain on Sunday, delivered the week's gains. However, a 2.36 percent drop on Thursday limited the upside.

Bitcoin was up 3.13 percent to $65,241.0 at the time of writing. Bitcoin rallied from an early Monday low of $63,277.0 to an early Monday high of $65,241.0, indicating a bullish start to the week.

Early on, Bitcoin broke through the first major resistance level at $65,195.

bitcoin chart

In the coming week,

Bitcoin must avoid a retest of the first major resistance level at $65,195 in order to reach the second major resistance level at $67,128.

Bitcoin would require market support to break out from its October ATH of $66,958.0.

Barring a prolonged crypto rally, the second major resistance level would most likely cap any further gains.

In the event of a prolonged breakout, Bitcoin may test resistance at $70,000 before reversing. $71,897 is the third major resistance level.

A break through the first major resistance level and the pivot point at $62,359 would put the first major support level at $60,426 into play.

Unless there is a prolonged sell-off, Bitcoin should avoid falling below $58,000. The second major level of support is $57,590.

Ethereum

Ethereum increased by 7.62 percent in the week ending November 7th. Ethereum finished the week at $4,617.02, up 5.10 percent from the previous week.

After a mixed start to the week, Ethereum fell to an intraweek low of $4,151.00 on Monday before making a move.

Ethereum rallied to a Wednesday intraweek high and ATH of $4,670.98 after avoiding the first major support level at $3,972.

Ethereum broke through the first major resistance level at $4,535 before falling back to levels below $4,400.

However, a bullish finish to the week saw Ethereum break back through the first major resistance level, ending the week at $4,600.

The week's upside was delivered by four days in the green, including a 6.29 percent rally on Tuesday.

Ethereum was up 1.71 percent to $4,696.06 at the time of writing. Ethereum had a mixed start to the week, falling to an early Monday low of $4,616.50 before rising to a new ATH of $4,711.00.

eth daily chart

Early on, Ethereum failed to test the major support and resistance levels.

To support a run at the first major resistance level at $4,808 in the coming week, Ethereum would need to avoid the $4,480 pivot level.

However, support from the broader market would be required for Ethereum to break out from this Monday's new ATH of $4,711.00.

Barring a prolonged crypto rally, the first major resistance level would most likely cap any further gains.

Ethereum could test the second major resistance level at $5,000 if another extended breakout occurs.

A break through the $4,480 pivot would trigger the first major support level at $4,288.

Unless there is a significant sell-off this week, Ethereum should avoid falling below $4,000 per coin. The second major level of support is $3,960.

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