Bitcoin and Ripples XRP Weekly Technical Analysis August 16, 2021

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Bitcoin

Bitcoin, BTC to USD, rose 7.40% in the week ending August 15. After gaining 9.83% from the previous week, Bitcoin finished the week at $ 47,022.0.

A mixed start to the week saw Bitcoin fall to an intra-week low of $ 42,790.0 on Monday before taking a step.

Away from the 38.2% FIB at $ 41,592 and the first major support level at $ 38,991, Bitcoin rallied to an intra-week high of $ 48,141.0 on Saturday.

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

2 days in the green which included a 5.68% rise on Monday and a 7.68% rally on Friday set the tone for the week.

For the coming week

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

Broad market support would be needed for Bitcoin to break out of last week’s high of $ 48,141.0.

Barring a prolonged crypto rally, the first major resistance level and 23.6% FIB resistance of $ 50,473 would likely cap any rise.

In the event of a prolonged breakout, Bitcoin could test resistance at $ 55,000 before any pullback. The second major resistance level is located at $ 51,335.

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

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

At the time of writing, Bitcoin was up 1.93% to $ 47,931.0. A mixed start to the week saw Bitcoin drop to $ 46,830.0 early Monday morning before climbing to $ 47,945.0.

Bitcoin left major support and resistance levels untested early on.

XRP ripples

Ripples XRP jumped 64.62% in the week ending August 15. After gaining 7.64% from the previous week, Ripples XRP finished the week at $ 1.28584.

A mixed start to the week saw Ripples XRP fall to an intra-week low of $ 0.76107 on Monday before taking a step.

Away from the first major support level at $ 0.7028, Ripples XRP surged to an intra-week high of $ 1.34898 on Sunday.

The story continues

Ripples XRP broke through major resistance levels for the week.

More importantly, Ripples XRP also broke 23.6% FIB of $ 0.8533 and 38.2% FIB of $ 1.0659 to end the week at levels of $ 1.28.

Despite pulling back to levels below $ 1.30, Ripples XRP avoided a fall through the third major resistance level at $ 1.0645.

The 6 days in the green included an 18.72% rally on Wednesday and a 17.60 jump on Saturday that allowed the week to rise.

For the coming week

Ripples XRP should avoid the pivot level at $ 1.1320 to support a run to the first major resistance level at $ 1.5029.

However, broad market support would be needed for Ripples XRP to exit the 62% FIB at $ 1.4096.

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

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

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

Unless there is an extended sell-off during the week, Ripples XRP should however avoid levels below $ 1.00. The second major support level is at $ 0.54441.

At the time of writing this article, Ripples XRP was up 2.40% to $ 1.31666. A mixed start to the week saw Ripples XRP dip to a Monday low of $ 1.26100 before climbing to a high of $ 1.32844.

Ripples XRP left major support and resistance levels untested earlier in the week.

This article originally appeared on FX Empire

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