Bitcoin and Ripples XRP Weekly Technical Analysis August 23, 2021

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Bitcoin

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

A mixed start to the week saw Bitcoin peak at $ 48,069.0 on Monday before reversing.

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.

XRP ripples

Ripples XRP fell 4.57% in the week ending August 22. After the 64.62% breakout from the previous weeks, Ripples XRP finished the week at $ 1.22737.

A mixed start to the week saw Ripples XRP hit an intra-week high of $ 1.32844 on Monday before reversing.

Below the first major resistance level at $ 1.5029, Ripples XRP slipped to an intra-week low of $ 1.05050 on Wednesday.

The story continues

While avoiding the first major support level at $ 0.9149, Ripples XRP fell through the FIB 38.2% to $ 1.0659.

Finding support late in the week, however, Ripples XRP broke through the FIB by 38.2% to end the week at levels of $ 1.22.

The 3 days in the red which included a 7.81% drop on Monday and a 7.41% drop on Tuesday were down for the week.

For the coming week

Ripples XRP should avoid the pivot level at $ 1.2021 to support a run to the first major resistance level at $ 1.3537.

However, broad market support would be needed for Ripples XRP to break out of last week’s high of $ 1.32844.

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

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

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

Unless there is an extended sell-off during the week, Ripples XRP should however avoid levels below $ 1.00. The second major support level stands at $ 0.9242.

At the time of writing, Ripples XRP was up 0.99% to $ 1.23954. A mixed start to the week saw Ripples XRP dip to a Monday low of $ 1.2223 before climbing to a high of $ 1.24790.

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

This article originally appeared on FX Empire

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