Bitcoin

Bitcoin rallied by 12.69% in the week ending 8th November. Following on from a 5.52% gain from the week prior, Bitcoin ended the week at $15,500.0.

It was a bearish start to the week. Bitcoin fell to a Monday intraweek low $13,207.0 before making a move.

Steering clear of the first major support level at $13,006, Bitcoin rallied to a Friday intraweek high $15,888.0.

Bitcoin broke through the first major resistance level at $14,280 and the second major resistance level at $14,805.

Falling short of $16,000 levels, Bitcoin slid back to sub-$14,500 levels on Saturday before a bullish end to the week.

A Sunday recovery saw Bitcoin break back through the second major resistance level to wrap up the week at $15,500 levels.

5 days in the green that included a 10.03% rally on Friday and a 4.41% rally on Sunday delivered the upside for the week. A 4.67% slide on Saturday limited some up the upside for the week, however.

For the week ahead

Bitcoin would need to avoid a fall through the $14,865 pivot to support a run the first major resistance level at $16,523.

Support from the broader market would be needed for Bitcoin to break out from last week’s $15,888.0 high.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Bitcoin could test resistance at $17,000 before any pullback. The second major resistance level sits at $17,546.

Failure to avoid a fall through the $14,865 pivot would bring the first major support level at $13,842 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$13,500 support levels. The second major support level sits at $12,184.

At the time of writing, Bitcoin was up by 0.11% to $15,517.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $15,424.0 before striking a high $15,608.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

Ethereum

Ethereum surged by 14.54% in the week ending 8th November. Reversing a 2.32% fall from the previous week, Ethereum ended the week at $454.61.

It was a bearish start to the week. Ethereum fell to a Tuesday intraweek low $370.50 before making a move.

The pullback saw Ethereum fall through the first major support level at $376.00.

Steering clear of the 38.2% FIB of $367, Ethereum rallied to a Saturday intraweek high $468.98.

Ethereum broke through the first major resistance level at $415 and the second major resistance level at $432.

Falling short of the third major resistance level at $471, Ethereum eased back to wrap up the week at $454 levels.

5-days in the green that included a 9.46% jump on Friday and a 4.30% rally on Sunday delivered the upside for the week. A 3.42% fall on Monday and a 4.55% slide on Saturday reversed some of the gains, however.

For the week ahead

Ethereum would need to avoid a fall through the $431 pivot level to support a run at the first major resistance level at $492.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s $468.98 high.

Barring another extended crypto rally, the first major resistance level and resistance at $500 would likely cap any upside.

In the event of a breakout, Ethereum could test the second major resistance level at $530 before any pullback. The 62% FIB of $543 would likely cap any upside, however.

Failure to avoid a fall through the $431 pivot would bring the first major support level at $394 into play.

Barring an extended crypto market sell-off, however, Ethereum should steer clear of sub-$400 levels. The second major support level sits at $333.

At the time of writing, Ethereum was up by 0.19% to $455.48. A mixed start to the week saw Ethereum fall to an early Monday morning low $451.59 before rising to a high $458.40.

Ethereum left the major support and resistance levels untested at the start of the week.

This article was originally posted on FX Empire

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