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Bitcoin
Bitcoin rose 5.52% in the week ending 1st November. After rallying 13.20% from the previous week, Bitcoin ended the week at $ 13,756.0.
It was a mixed start to the week. Bitcoin fell to a Monday intraweek low of $ 12,781.0 before making a move.
Avoiding the first major support level at $ 11,850, Bitcoin reached an intraweek high on Saturday at $ 14,055.0.
Bitcoin broke through the first major resistance level at $ 13,791 to visit the $ 14,000 levels for the first time since January 2018.
A bearish end of the week, however, saw Bitcoin return to levels below $ 14,000.
The pullback also saw Bitcoin fall back through the first major resistance level at $ 13,791.
5 days in green that included a 4.34% rally on Tuesday provided the upside for the week.
For the next week
Bitcoin should avoid a fall through the $ 13,531 pivot to support a run at the first major resistance level at $ 14,280.
Support from the broader market would be needed for Bitcoin to break out of last week’s high of $ 14,055.0.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of another breakout, Bitcoin could test resistance at $ 15,000 before any pullback. The second major resistance level is found at $ 14.805.
Failure to avoid a fall through the pivot of $ 13,531 would bring the first major support level at $ 13,006 into play.
Barring an extended sell-off, however, Bitcoin should avoid support levels below $ 13,000. The second major support level is found at $ 12,257.
At the time of writing, Bitcoin was down 0.59% to $ 13,675.0. A mixed week start on Monday saw Bitcoin rise to a Monday morning high of $ 13,836.0 before falling to a low of $ 13,645.0.
Bitcoin left the major support and resistance levels untested earlier in the week.
Ethereum
Ethereum fell 2.32% in the week ending 1st 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% fall on Monday, Ethereum hit an intraweek high on Tuesday at $ 411.77 before reversing.
Falling well below the first major resistance level at $ 431, Ethereum slipped to a Friday intraweek low of $ 373.40.
Finding support at the first major support level at $ 373, however, Ethereum revisited the $ 397 levels before turning back.
4 days in the red that included a 3.28% fall on Monday and a 4.22% fall on Wednesday provided the downside for the week. However, a 3.21% rally on Tuesday limited the losses.
For the next week
Ethereum should avoid a fall through the $ 394 pivot level to support a run at the first major resistance level at $ 415.
However, support from the broader market would be needed for Ethereum to break out of last week’s high of $ 411.77.
Barring an extended cryptocurrency rally, the first major resistance level and high of $ 411.77 from last week would likely limit 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 38.2% FIB of $ 367 into play.
Barring an extensive sell-off in the cryptocurrency market, however, Ethereum should avoid levels below $ 360. The second major support level is found 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 a Monday morning low of $ 369.90 to an early morning high of $ 404.57.
Ethereum left the major support and resistance levels untested earlier in the week.
This article was originally published on FX Empire
