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Bitcoin and Ripple’s XRP – Weekly Technical Analysis – August 23rd, 2021

Bitcoin and Ripple’s XRP - Weekly Technical Analysis – August 23rd, 2021
Written by publisher team

After reducing the first major resistance level at $49,179, Bitcoin retreated to its lowest level during the week at $43992.0 on Thursday.

Moving away from the first major support level at $43,828, bitcoin surged to a high on Saturday at $4,9788.0 before retreating.

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

4 days in the green that included a 4.57% rise on Thursday and a 5.49% rise on Friday, delivered the bullish trend this week.

for the next week

Bitcoin will need to avoid the $47,682 pivot to support a trigger for the first major resistance level at $51,372.

Support from the broader market will be needed for bitcoin to exit the 23.6% FIB of $50,473.

Barring an extended crypto rally, the first major resistance level for any uptrend is likely to be capped.

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 $53,478.

A fall through the $47,682 pivot would trigger the first major support level at $45,576.

Excluding the extended sell-off, Bitcoin should move away from the second major support level at $41,886 and the 38.2% FIB of $41,592.

At the time of writing, Bitcoin is up 1.12% to $49,817.0. The mixed start to the week saw bitcoin drop to an early Monday low of $49.098.0 before climbing to $49,888.0.

Bitcoin left key support and resistance levels untested early on.

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