Bitcoin and Litecoin – Weekly Technical Analysis – November 16th, 2020

Bitcoin

Bitcoin rose by 3.00% in the week ending 15^th November. Following on from a 12.69% breakout from the week prior, Bitcoin ended the week at $15,965.0.

It was a bearish start to the week. Bitcoin fell to a Monday intraweek low $14,841.0 before making a move.

Steering clear of the first major support level at $13,842, Bitcoin rallied to a Friday intraweek high and new swing hi $16,481.0.

Falling short of the first major resistance level at $16,523, Bitcoin fell back to sub-$16,000 levels. A bearish end to the week saw Bitcoin fall to $15,700 levels before wrapping up the week at $15,900 levels.

3 days in the green that included a 3.74% rally on Thursday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $15,762 pivot to support a run the first major resistance level at $16,684.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $16,481.0.

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 $17,500 before any pullback. The second major resistance level sits at $17,402.

Failure to avoid a fall through the $15,762 pivot would bring the first major support level at $15,044 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$15,000 support levels. The second major support level sits at $14,122.

At the time of writing, Bitcoin was up by 0.24% to $16,003.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $15,874.0 before rising to a high $16,043.0.

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

Litecoin

Litecoin rose by 2.28% in the week ending 15^th November. Following on from a 9.56% rally from the previous week, Litecoin ended the week at $62.37.

It was a bearish start to the week. Litecoin fell to a Tuesday intraweek low $57.12 before making a move.

Steering well clear of the first major support level at $53.20, Litecoin rallied to a Friday intraweek high $66.60.

Litecoin came within range of the first major resistance level at $66.82 before a bearish end to the week.

The bearish weekend saw Litecoin fall back to $61 levels before wrapping up the week at $62 levels.

3-days in the green that included an 8.68% jump on Friday delivered the upside for the week. Losses on Monday and Tuesday and a bearish weekend limited the upside, however.

For the week ahead

Litecoin would need to avoid a fall through the $62.03 pivot level to support a run at the first major resistance level at $66.94.

Support from the broader market would be needed, however, for Litecoin to break out from last week’s high $66.60.

Barring another extended crypto rally, the first major resistance level and resistance at $67 would likely cap any upside.

In the event of a breakout, Litecoin could test the 38.2% FIB of $71 and the second major resistance level at $71.51 before any pullback.

Failure to avoid a fall through the $62.03 pivot would bring the first major support level at $57.46 into play.

Barring an extended crypto market sell-off, however, Litecoin should steer clear of sub-$55 levels and the 23.6% FIB of $54.00. The second major support level sits at $52.55.

At the time of writing, Litecoin was up by 3.98% to $64.85. A bullish start to the week saw Litecoin rally from an early Monday morning low $62.16 to a high $64.88.

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