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

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.

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.