Bitcoin and Ethereum – Weekly Technical Analysis – November 22nd, 2021

Bitcoin

Bitcoin, BTC to USD, fell by 10.36% in the week ending 21st November. Reversing a 3.47% gain from the week prior, Bitcoin ended the week at $58,691.0.

A mixed start to the week saw Bitcoin rise to Monday intraweek high $66,343.9 before hitting reverse.

Falling well short of the first major resistance level at $68,870, Bitcoin slid to a Friday intraweek low $55,653.0.

The reversal saw Bitcoin fall through the first major support level at $62,167 and the second major support level at $58,859.

Finding support going into the weekend, however, Bitcoin briefly broke back through the second major support level before ending the week at sub-$58,700 levels.

4-days in the red that included a 5.50% sell-off on Tuesday and a 5.62% slide on Thursday delivered the downside.

At the time of writing, Bitcoin was down by 0.95% to $58,133.0. A mixed start to the week saw Bitcoin rise to an early Monday high $58,829.0 before falling to a low $58,083.0.

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

For the week ahead

Bitcoin would need to move through the $60,229 pivot to bring the first major resistance level at $64,806 into play.

Support from the broader market would be needed for Bitcoin to break back through to $64,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $66,343.9 would likely cap any upside.

In the event of a breakout, Bitcoin could test second major resistance level at $70,920 before any pullback. Plenty of support would be needed, however, for Bitcoin to break out from its ATH $68,958.0.

Failure to move through the $60,229 pivot would bring the first major support level at $54,115 and the 23.6% FIB of $53,628 into play.

Barring another extended sell-off, Bitcoin should steer clear of the sub-$50,000 levels. The second major support level sits at $49,538.

Ethereum

Ethereum fell by 7.86% in the week ending 21st November. Following a 0.21% gain from the previous week, Ethereum ended the week at $4,262.99.

A mixed start to the week saw Ethereum rise to a Monday intraweek high $4,770.00 before hitting reverse.

Falling short of the first major resistance level at $4,843, Ethereum slid to a Thursday intraweek low $3,960.00.

Ethereum fell through the first major support level at $4,435 and the second major support level at $4,244.

Steering clear of the third major support level at $3,836, however, Ethereum revisited $4,400 levels before easing back.

While failing to move back through the first major support level, Ethereum avoided a fall back through the second major support level.

4-days in the red that included a 7.79% sell-off on Tuesday and a 6.80% slide on Thursday delivered the downside in the week. A 7.54% rally on Friday limited the damage, however.

At the time of writing, Ethereum was down by 0.83% to $4,227.73. A mixed start to the week saw Ethereum rise to an early Monday high $4,270.34 before falling to a low $4,212.45.

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

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For the week ahead

Ethereum would need to move through the $4,331 pivot level to support a run at the first major resistance level at $4,702.

Support from the broader market would be needed, however, for Ethereum to break out from $4,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $4,770.00 would likely cap any upside.

In the event of another extended breakout, Ethereum could test the second major resistance level at $5,141. Ethereum would need plenty of support, however, to breakout from its ATH $4,867.81.

Failure to move through the $4,331 pivot would bring the first major support level at $3,892 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of sub-$3,700 levels and the second major support level at $3,521. The 23.6% FIB of $3,738 should limit the downside.

This article was originally posted on FX Empire

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