Bitcoin and Ethereum – Weekly Technical Analysis – October 18th, 2021

Bob Mason
3 min read
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Bitcoin

Bitcoin, BTC to USD, rose by 12.48% in the week ending 17th October. Following a 13.37% rally from the week prior, Bitcoin ended the week at $61,504.0.

A mixed start to the week saw Bitcoin fall to a Tuesday intraweek low $53,837.5 before making a move.

Steering well clear of the 23.6% FIB of $50,473 and the first major support level at $48,909, Bitcoin rallied to a Saturday intraweek high $62,900.0.

Bitcoin broke through the first major resistance level at $58,462 and the second major resistance level at $62,232.

A pullback to end the week at sub-$62,000 levels, however, saw Bitcoin fall back through the second major resistance level.

4 days in the green that included a 7.54% jump on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid the $59,414 pivot to support a run the first major resistance level at $64,990.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $62,900.0.

Barring an extended crypto rally, the first major resistance level and resistance Bitcoin’s all-time high $64,829 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test the second major resistance level at $68,476 before any pullback.

A fall through the $59,414 pivot would bring the first major support level at $55,928 into play.

Barring an extended sell-off, Bitcoin should steer clear of the sub-$50,000 levels. The 23.6% FIB of $50,473 and the second major support level at $50,351 should limit the downside.

At the time of writing, Bitcoin was up by 1.33% to $62,321.0. A mixed start to the week saw Bitcoin fall to an early Monday low $61,406.0 before rising to an early high $62,573.0.

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

Ethereum

Ethereum rallied by 12.66% in the week ending 17th October. Reversing a 0.14% loss from the previous week, Ethereum ended the week at $3,847.18.

A bearish start to the week saw Ethereum fall to a Monday intraweek low $3,373.45 before making a move.

Steering clear of the 23.6% FIB of $3,369 and the first major support level at $3,233, Ethereum rallied to a Saturday intraweek high $3,968.49.

Ethereum broke through the first major resistance level at $3,633 and the second major resistance level at $3,852.

A weekend pullback, however, saw Ethereum fall back through the second major resistance level to end the week at sub-$3,850 levels.

4-days in the green that included a 5.08% rally on Thursday delivered the upside in the week.

For the week ahead

Ethereum would need avoid the $3,730 pivot level to support a run at the first major resistance level at $4,086.

Support from the broader market would be needed, however, for Ethereum to break out from last week’s high $3,968.49.

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 $4,500 levels before any pullback. The second major resistance level sits at $4,325.

A fall through the $3,730 pivot would bring the first major support level at $3,491 into play.

Barring an extended sell-off in the week, Ethereum should steer clear of the second major support level at $3,135. The 23.6% FIB of $3,369 should limit the downside.

At the time of writing, Ethereum was up by 1.03% to $3,886.67. A mixed start to the week saw Ethereum fall to an early Monday low $3,841.89 before rising to a high $3,894.70.

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

This article was originally posted on FX Empire

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