Bitcoin and Ripple’s XRP – Weekly Technical Analysis – August 16th, 2021

August 16, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 7.40% in the week ending 15th August. Following a 9.83% gain from the previous week, Bitcoin ended the week at $47,022.0.

A mixed start to the week saw Bitcoin fall to a Monday intraweek low $42,790.0 before making a move.

Steering clear of the 38.2% FIB of $41,592 and the first major support level at $38,991, Bitcoin rallied to a Saturday intraweek high $48,141.0.

Bitcoin broke through the first major resistance level at $46,923 to end the week at $47,000 levels.

2 days in the green that included a 5.68% rise on Monday and a 7.68% rally on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid the $45,984 pivot to support a run the first major resistance level at $49,179.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $48,141.0.

Barring an extended crypto rally, the first major resistance level and resistance at the 23.6% FIB of $50,473 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 $51,335.

A fall through the $45,984 pivot would bring the first major support level at $43,828 into play.

Barring an extended sell-off, Bitcoin should steer clear of the 38.2% FIB of $41,592. The second major support level sits at $40,633.

At the time of writing, Bitcoin was up by 1.93% to $47,931.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $46,830.0 before rising to a high $47,945.0.

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

Ripple’s XRP

Ripple’s XRP surged by 64.62% in the week ending 15th August. Following on from a 7.64% gain from the previous week, Ripple’s XRP ended the week at $1.28584.

A mixed start to the week saw Ripple’s XRP fall to a Monday intraweek low $0.76107 before making a move.

Steering clear of the first major support level at $0.7028, Ripple’s XRP surged to a Sunday intraweek high $1.34898.

Ripple’s XRP broke through the week’s major resistance levels.

More significantly, Ripple’s XRP also broke through the 23.6% FIB of $0.8533 and the 38.2% FIB of $1.0659 to end the week at $1.28 levels.

In spite of a pullback to sub-$1.30 levels, Ripple’s XRP avoided a fall back through the third major resistance level at $1.0645.

6-days in the green included a 18.72% rally on Wednesday and a 17.60 jump on Saturday delivered the upside for the week.

For the week ahead

Ripple’s XRP would need to avoid the pivot level at $1.1320 to support a run at the first major resistance level at $1.5029.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB of $1.4096.

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

In the event of another extended breakout, Ripple’s XRP could test resistance the second major resistance level at $1.7199.

A fall through the $1.1320 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $0.9149 and 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 $0.54441.

At the time of writing, Ripple’s XRP was up by up by 2.40% to $1.31666. A mixed start to the week saw Ripple’s XRP fall to an early Monday low $1.26100 before rising to a high $1.32844.

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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