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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

Bitcoin

Bitcoin, BTC against the US dollar, rose 4.77% in the week ending 22second abbreviation August. After a 7.40% increase from the previous week, the bitcoin price reached $49,266.0.

A mixed start to the week saw Bitcoin climb to a Monday high of $48,069.0 before hitting the opposite direction.

After lowering 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 an intraday high of $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 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.

Ripple XRP

Ripple XRP down 4.57% in the week ending 22second abbreviation August. After breaking 64.62% last week, XRP ended the week at $1.22737.

A mixed start to the week saw XRP surge to an intraday high of $1.32,844 before bouncing back in the opposite direction.

After dropping below the first major resistance level at $1.5029, Ripple’s XRP slipped to a one-week low on Wednesday at $1.05050.

While topping the first major support level at $0.9149, Ripple’s XRP is down through the 38.2% Fib from $1.0659.

However, late in the week, Ripple’s XRP found support, as it breached the 38.2% FIB level to end the week at $1.22 levels.

3 days in the red which included a 7.81% drop on Monday and a 7.41% drop on Tuesday, gave the week a bearish side.

for next week

Ripple’s XRP will need to avoid the $1.2021 pivot level to support the rally at the first major resistance level at $1.3537.

Support from the broader market will be needed, however, for XRP to break above last week’s high of $1.32,844.

Excluding another extended rally in the cryptocurrency, the first major resistance and 62% Fibonacci level at $1.04,096 is likely to block any upside move.

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

A fall across the $1.2021 pivot would trigger the first major support level at $1.0758 and the 38.2% Fib of $1.0659.

Barring an extended sell-off for the week, Ripple’s XRP should move away from levels below $1.00. The second major support level is located at $0.9242.

At the time of writing, Ripple’s XRP is up 0.99% to $1.23954. A mixed start to the week saw Ripple’s XRP drop to an early Monday low of $1.2223 before climbing to $1.24,790.

Ripple’s XRP left key support and resistance levels untested at the start of the week.

This article was originally published on FX Empire

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