Bitcoin and Ripple’s XRP – Weekly Technical Analysis – August 23rd, 2021


Bitcoin

Bitcoin, BTC to USD, rose by 4.77% in the week ending 22nd August. Following a 7.40% gain from the previous week, Bitcoin the week at $49,266.0.

A mixed start to the week saw Bitcoin rise to a Monday high $48,069.0 before hitting reverse.

Falling short of the first major resistance level at $49,179, Bitcoin slid to a Thursday intraweek low $43,992.0.

Steering clear of the first major support level at $43,828, Bitcoin rallied to a Saturday intraweek high $49,788.0 before easing back.

Bitcoin broke through the first major resistance level at $49,179 to end the week at $49,200 levels.

4 days in the green that included a 4.57% rise on Thursday and a 5.49% rally on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid the $47,682 pivot to support a run the first major resistance level at $51,372.

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.

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

In the event of an extended breakout, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,478.

A fall through the $47,682 pivot would bring the first major support level at $45,576 into play.

Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $41,886 and the 38.2% FIB of $41,592.

At the time of writing, Bitcoin was up by 1.12% to $49,817.0. A mixed start to the week saw Bitcoin fall to an early Monday low $49,098.0 before rising to a high $49,888.0.

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

Ripple’s XRP

Ripple’s XRP fell by 4.57% in the week ending 22nd August. Following the previous week’s 64.62% breakout, Ripple’s XRP ended the week at $1.22737.

A mixed start to the week saw Ripple’s XRP rise to a Monday intraweek high $1.32844 before hitting reverse.

Falling short of the first major resistance level at $1.5029, Ripple’s XRP slid to a Wednesday intraweek low $1.05050.

While steering clear of the first major support level at $0.9149, Ripple’s XRP fell through the 38.2% FIB of $1.0659.

Finding late support in the week, however, Ripple’s XRP broke back through the 38.2% FIB to end the week at $1.22 levels.

3-days in the red that included a 7.81% slide on Monday and a 7.41% fall on Tuesday delivered the downside for the week.

For the week ahead

Ripple’s XRP would need to avoid the pivot level at $1.2021 to support a run at the first major resistance level at $1.3537.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s high $1.32844.

Barring another extended crypto rally, the first major resistance level and the 62% FIB of $1.04096 would likely cap any upside.

In the event of another extended breakout, Ripple’s XRP could test the second major resistance level at $1.4800 and resistance at $1.50.

A fall through the $1.2021 pivot would bring the first major support level at $1.0758 and the 38.2% FIB of $1.0659 into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$1.00 levels, however. The second major support level sits at $0.9242.

At the time of writing, Ripple’s XRP was up by 0.99% to $1.23954. A mixed start to the week saw Ripple’s XRP fall to an early Monday low $1.2223 before rising to a high $1.24790.

Ripple’s XRP 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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