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Bitcoin and Litecoin – Weekly Technical Analysis – October 26th, 2020

Bob Mason
·4-min read

Bitcoin

Bitcoin rallied by 13.20% in the week ending 25th October. Following on from a 1.18% gain from the week prior, Bitcoin ended the week at $13,037.0.

It was a mixed start to the week. Bitcoin fell to a Monday intraweek low $11,417.0 before making a move.

Steering clear of the first major support level at $11,173, Bitcoin rallied to a Sunday intraweek high $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 to the week, however, saw Bitcoin fall back to sub-$13,000 levels before wrapping up the week at $13,000 levels.

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In spite of the pullback, Bitcoin avoided a fall back through the third major resistance level at $12,714.

5 days in the green that included a 7.42% rally on Wednesday delivered the upside for the week. The upside came off the back of news that PayPal would begin supporting cryptos in 2021.

For the week ahead

Bitcoin would need to avoid a fall through $12,604 pivot to support a run the first major resistance level at $13,791.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $13,358.0.

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 $14,000 before any pullback. The second major resistance level sits 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 steer clear of sub-$12,000 support levels. The second major support level sits at $10,663.

At the time of writing, Bitcoin was up by 0.51% to $13,104.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $12,990.0 before striking a high $13,110.0.

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

Litecoin

Litecoin surged by 23.73% in the week ending 25th October. Reversing a 5.73% slide from the previous week, Litecoin ended the week at $58.87.

A mixed start to the week saw Litecoin dip to a Tuesday intraweek low $46.45 before making a move.

Steering clear of the first major support level at $44.96, Litecoin rallied to a Sunday intraweek high $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 through the 23.6% FIB of $54 to come up against the third major resistance level at $60.08.

A bearish end to the week saw Litecoin fall back to wrap up the week at $58 levels.

5-days in the green that included a 13.16% jump on Wednesday and a 6.92% rally on Saturday delivered the upside.

For the week ahead

Litecoin would need to avoid a fall through the $55.10 pivot level to support a run at the first major resistance level at $63.76.

Support from the broader market would be needed, however, for Litecoin to break through to $60 levels.

Barring an extended crypto rally, the first major resistance level would likely cap 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 and the first major support level at $50.22 into play.

Barring an extended crypto market sell-off, however, Litecoin should steer clear well clear of sub-$50 levels. The second major support level sits at $41.56.

At the time of writing, Litecoin was up by 0.02% to $58.88. A mixed start to the week saw Litecoin fall to an early Monday low $57.58 before rising to a high $59.35.

Litecoin 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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