xrp crypto news

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

Bitcoin and Ripple’s XRP - Weekly Technical Analysis – August 16th, 2021
Written by publisher team

The mixed start to the week saw bitcoin drop to a Monday low of $4,2790.0 before making any move.

Moving away from the 38.2% FIB of $41,592 and the first major support level at $38,991, bitcoin surged to a high of $48,141.0 on Saturday.

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

Two days in the green that included a 5.68% rally on Monday and a 7.68% rally on Friday, delivered the bullish trend this week.

for next week

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

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

Barring the cryptocurrency’s extended rally, the first major resistance level and resistance at the 23.6% FIB level of $50,473 is likely to be a cap on any upside move.

In the event of an extended breakout, Bitcoin could test the $55,000 resistance before any pullback. The second major resistance level is located at $51.335.

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

Excluding an extended sell off, Bitcoin should move away from the 38.2% FIB of $41,592. The second major support level is located at $40,633.

At the time of writing, Bitcoin is up 1.93% to $4,7931.0. The mixed start to the week saw bitcoin drop to a Monday morning low of $46,830.0 before climbing to $47,945.0.

Bitcoin left key support and resistance levels untested early on.

About the author

publisher team