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Bitcoin and Ethereum – Weekly Technical Analysis – November 29th, 2021

Bob Mason
·3 min read

Bitcoin

Bitcoin, BTC to USD, fell by 2.29% in the week ending 28th November. Following a 10.36% slide from the week prior, Bitcoin ended the week at $57,356.

A mixed start to the week saw Bitcoin rise to Monday intraweek high $59,456 before hitting reverse.

Falling well short of the first major resistance level at $64,806, Bitcoin slid to a Friday intraweek low $53,555.

Bitcoin fell through the first major support level at $54,135. Finding weekend support, however Bitcoin broke back through to $57,000 levels to reduce the deficit for the week.

3-days in the red that included an 8.87% sell-off on Friday delivered the downside. 4-days in the green that included a 4.68% rally on Sunday limited the damage, however.

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At the time of writing, Bitcoin was up by 0.55% to $57,672. A mixed start to the week saw Bitcoin fall to an early Monday low $57,201 before rising to an early Monday high $58,294.

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

For the week ahead

Bitcoin would need to avoid the $56,789 pivot to bring the first major resistance level at $60,023 into play.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $59,456.

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

In the event of a breakout, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $62,690.

A fall through the $56,789 pivot would bring the first major support level at $54,122 and the 23.6% FIB of $53,628 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $50,888 should limit the downside.

Ethereum

Ethereum rose by 0.83% in the week ending 28th November. Following a 7.86% loss from the previous week, Ethereum ended the week at $4,298.

After a mixed start to the week, Ethereum rose to a Friday intraweek high $4,556 before hitting reverse.

Falling short of the first major resistance level at $4,702, Ethereum slid to a Friday intraweek low $3,915.

Steering clear of the first major support level at $3,892, however, Ethereum broke back through to $4,300 levels before easing back.

3-days in the red that included a 10.65% sell-off on Friday delivered the downside in the week. A 6.17% rally on Tuesday and a 5.97% gain on Thursday limited the damage, however.

At the time of writing, Ethereum was up by 0.74% to $4,330. A mixed start to the week saw Ethereum fall to an early Monday morning low $4,286 before rising to an early Monday high $4,377.

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

For the week ahead

Ethereum would need to avoid the $4,256 pivot level to support a run at the first major resistance level at $4,598.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $4,556.

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

In the event of another extended breakout, Ethereum could test resistance at $5,000 before any pullback. The second major resistance level sits at $4,897. Ethereum would need plenty of support, however, to breakout from its ATH $4,867.81.

A fall through the $4,256 pivot would bring the first major support level at $3,957 into play. Barring an extended sell-off, however, Ethereum should avoid the second major support level at $3,616. The 23.6% FIB of $3,738 should limit the downside.

This article was originally posted on FX Empire

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