Bitcoin and Ripples XRP – Weekly Technical Analysis August 23, 2021

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Below the first major resistance level at $ 49,179, Bitcoin slipped to a Thursday intra-week low of $ 43,992.0.

Away from the first major support level at $ 43,828, Bitcoin rallied to an intra-week high of $ 49,788.0 on Saturday before slowing down.

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

4 days in the green which included a 4.57% rise on Thursday and a 5.49% rally on Friday brought the rise for the week.

For the coming week

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

Broad market support would be needed for Bitcoin to exit the 23.6% FIB of $ 50,473.

Barring a prolonged crypto rally, the first major resistance level 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 $ 53,478.

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

Barring an extended selloff, Bitcoin is expected to avoid the second major support level at $ 41,886 and the FIB 38.2% of $ 41,592.

At the time of writing, Bitcoin was up 1.12% to $ 49,817.0. A mixed start to the week saw Bitcoin drop to a Monday low of $ 49,098.0 before climbing to $ 49,888.0.

Bitcoin left major support and resistance levels untested early on.

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