Bitcoin and Ethereum – Weekly Technical Analysis – October 25th, 2021

Bitcoin and Ethereum – Weekly Technical Analysis – October 25th, 2021

By FX Empire | FX Empire | 26 Oct 2021


After a mixed week, failure to hit fresh highs could put the pair under pressure in the week ahead…

Cryptocurrency Ethereum with One Dollar Bill as financial concept.


Bitcoin

Bitcoin, BTC to USD, fell by 1.07% in the week ending 24th October. Following a 12.48% rally from the week prior, Bitcoin ended the week at $60,847.0.

A mixed start to the week saw Bitcoin fall to a Monday low $59,883.0 before making a move.

Steering clear of the major support levels, Bitcoin rallied to a Wednesday all-time high and intraweek high $66,958.0.

Bitcoin broke through the first major resistance level at $64,990 before falling to a Saturday intraweek low $59,755.0.

Continuing to steer clear of the first major support level at $55,928, Bitcoin revisited $61,000 levels before falling back into the red.

4 days in the green that included a 3.66% rally on Tuesday delivered the upside for the week. A 5.76% slide on Thursday limited the upside, however.


For the week ahead

Bitcoin would need to move through the $62,520 pivot to support a run the first major resistance level at $65,285

Support from the broader market would be needed for Bitcoin to break back through to $65,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s all-time high $66,958.0 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 $69,723.

Failure to move through the $62,520 pivot would bring the first major support level at $58,082 into play.

Barring an extended sell-off, Bitcoin should steer clear of the sub-$55,000 levels. The second major support level at $55,317 should limit the downside.

At the time of writing, Bitcoin was up by 1.53% to $61,778.8. A mixed start to the week saw Bitcoin fall to an early Monday low $60,632.0 before rising to a high $62,111.0.

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

 

 

 

Ethereum

Ethereum rose by 6.11% in the week ending 24th October. Following a 12.66% rally from the previous week, Ethereum ended the week at $4,082.64.

A bearish start to the week saw Ethereum fall to a Monday intraweek low $3,676.35 before making a move.

Steering clear of the first major support level at $3,491, Ethereum rallied to a Thursday intraweek high $4,374.95.

Ethereum broke through the first major resistance level at $4,086 and the second major resistance level at $4,325.

Bearish going into the weekend, Ethereum fell back through the resistance levels to sub-$4,000.

A bullish Saturday, however, saw Ethereum break back through the first major resistance level to revisit $4,100 levels before easing back.

3-days in the green that included a 7.32% jump on Wednesday and a 4.96% rally on Saturday delivered the upside in the week.


For the week ahead

Ethereum would need avoid the $4,045 pivot level to support a run at the first major resistance level at $4,413.

Support from the broader market would be needed, however, for Ethereum to break out from May’s all-time high $4,384.30.

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 $4,743.

A fall through the $4,045 pivot would bring the first major support level at $3,714 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,500 levels. The second major support level sits at $3,346.

At the time of writing, Ethereum was up by 1.03% to $4,124.55. A mixed start to the week saw Ethereum fall to an early Monday low $4,069.22 before rising to a high $4,144.26.

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

 

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