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Bitcoin
Bitcoin rose 3.00% in the week ending 15th November. After a breakout of 12.69% from the previous week, Bitcoin closed the week at $ 15,965.0.
It was a bearish start to the week. Bitcoin fell to Monday’s intraweek low $ 14,841.0 before making a move.
Avoiding the first major support level at $ 13,842, Bitcoin rallied to an intraweek high on Friday and a new high at $ 16,481.0.
Failing to reach the first major resistance level at $ 16,523, Bitcoin dropped to levels below $ 16,000. A bearish end of the week saw Bitcoin drop to $ 15,700 levels before ending the week at $ 15,900 levels.
3 days in green that included a 3.74% rally on Thursday provided the upside for the week.
For the next week
Bitcoin should avoid a fall through the $ 15,762 pivot to support a run at the first major resistance level at $ 16,684.
Support from broader market would be needed for Bitcoin to break out of last week’s high of $ 16,481.0.
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 $ 17,500 before any pullback. The second major resistance level is found at $ 17,402.
Failure to avoid a fall through the $ 15,762 pivot would bring the first major support level at $ 15,044 into play.
Barring an extended sell-off, however, Bitcoin should avoid support levels below $ 15,000. The second major support level is found at $ 14,122.
At the time of writing, Bitcoin was up 0.24% to $ 16,003.0. A mixed start to the week saw Bitcoin drop to a Monday morning low of $ 15,874.0 before climbing to a high of $ 16,043.0.
Bitcoin left the major support and resistance levels untested earlier in the week.
Litecoin
Litecoin was up 2.28% in the week ending 15th November. After a 9.56% rally from the previous week, Litecoin ended the week at $ 62.37.
It was a bearish start to the week. Litecoin fell to an intraweek low on Tuesday at $ 57.12 before making a move.
Keeping well away from the first major support level at $ 53.20, Litecoin climbed to an intraweek high $ 66.60 on Friday.
Litecoin broke into the range of the first major resistance level at $ 66.82 before a bearish end of the week.
The bearish weekend saw Litecoin move back to $ 61 before ending the week at $ 62.
3 days in green that included an 8.68% jump on Friday provided the upside for the week. However, losses on Monday and Tuesday and a bearish weekend limited the upside.
For the next week
Litecoin should avoid a fall through the pivot level of $ 62.03 to support a run at the first major resistance level at $ 66.94.
However, broader market support would be needed for Litecoin to break out of last week’s high of $ 66.60.
Barring another extended cryptocurrency rally, the first major resistance and resistance level at $ 67 would likely limit any upside.
In the event of a breakout, Litecoin could test the 38.2% FIB of $ 71 and the second major resistance level at $ 71.51 before any pullback.
Failure to avoid a fall through the $ 62.03 pivot would bring the first major support level at $ 57.46 into play.
Barring an extensive cryptocurrency market sell-off, however, Litecoin is expected to avoid the sub-$ 55 levels and the 23.6% FIB of $ 54.00. The second major support level is found at $ 52.55.
At the time of writing, Litecoin was up 3.98% to $ 64.85. A bullish start to the week saw Litecoin rise from a Monday morning low $ 62.16 to a high of $ 64.88.
Litecoin left the major support and resistance levels untested earlier in the week.
This article was originally published on FX Empire
