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Bitcoin
Bitcoin rallied by 13.20% in the week ending 25thth October. After a 1.18% gain from the previous week, Bitcoin ended the week at $ 13,037.0.
It was a mixed start to the week. Bitcoin fell to a Monday intraweek low of $ 11,417.0 before making a move.
Avoiding the first major support level at $ 11,173, Bitcoin reached an intraweek high on Sunday at $ 13,358.0.
Bitcoin broke through the week’s major resistance levels to visit $ 13,000 levels for the first time since July 2019.
A bearish end of the week, however, saw Bitcoin return to sub-$ 13,000 levels before ending the week at $ 13,000 levels.
Despite the pullback, Bitcoin avoided a fall through the third major resistance level at $ 12,714.
5 days in green that included a 7.42% rally on Wednesday provided the upside for the week. The benefit came from the news that PayPal will start supporting cryptocurrencies in 2021.
For the next week
Bitcoin should avoid a fall through the $ 12,604 pivot to support a run at the first major resistance level at $ 13,791.
Support from the broader market would be needed for Bitcoin to break out of last week’s high of $ 13,358.0.
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 $ 14,000 before any pullback. The second major resistance level is found at $ 14,545.
Failure to avoid a fall through the $ 12,604 pivot would bring the first major support level at $ 11,850 into play.
Barring an extended sell-off, however, Bitcoin should avoid support levels below $ 12,000. The second major support level is found at $ 10,663.
At the time of writing, Bitcoin was up 0.51% to $ 13,104.0. A mixed start to the week saw Bitcoin drop to a Monday morning low of $ 12,990.0 before hitting a high of $ 13,110.0.
Bitcoin left the major support and resistance levels untested earlier in the week.
Litecoin
Litecoin was up 23.73% in the week ending 25th October. Reversing a drop of 5.73% from the previous week, Litecoin ended the week at $ 58.87.
A mixed start to the week saw Litecoin drop to a Tuesday intraweek low $ 46.45 before making a move.
Avoiding the first major support level at $ 44.96, Litecoin reached an intraweek high on Sunday at $ 59.99.
Litecoin broke through the first major resistance level at $ 50.87 and the second major resistance level at $ 54.17.
More significantly, Litecoin broke the 23.6% FIB of $ 54 to meet the third major resistance level at $ 60.08.
A bearish end of the week saw Litecoin fall back to end the week at $ 58.
5 days in green that included a 13.16% jump on Wednesday and a 6.92% rally on Saturday led to the upside.
For the next week
Litecoin should avoid a downside through the pivot level of $ 55.10 to support a run at the first major resistance level at $ 63.76.
However, support from the broader market would be required for Litecoin to break through the $ 60 levels.
Barring an extended cryptocurrency rally, the first major resistance level would likely limit any upside.
In the event of a breakout, Litecoin could test the second major resistance level at $ 68.64 and resistance at $ 70.
Failure to avoid a fall through the $ 55.10 pivot would bring the 23.6% FIB into play and the first major support level at $ 50.22.
Barring an extensive sell-off in the cryptocurrency market, however, Litecoin should avoid levels below $ 50. The second major support level is found at $ 41.56.
At the time of writing, Litecoin was up 0.02% to $ 58.88. A mixed start to the week saw Litecoin drop to a Monday low $ 57.58 before climbing to a high of $ 59.35.
Litecoin left the major support and resistance levels untested earlier in the week.
This article was originally published on FX Empire
