Advertisement
Advertisement

Bitcoin and Monero’s XMR – Weekly Technical Analysis – August 24th, 2020

By:
Bob Mason

It's a bearish start to the week. We will need to see a move through the weekly pivot levels to avoid another loss in the week ahead.

Coins of crypto currency are presented on a dark background. Virtual money concept.

Bitcoin

Bitcoin fell by 2.19% in the week ending 23rd August. Reversing a 2.14% gain from the previous week, Bitcoin ended the week at $11,663.0

It was a bullish start to the week. Bitcoin rose to a Monday intraweek high $12,490 before hitting reverse.

The bullish start saw Bitcoin break through the first major resistance level at $12,293 before falling to a Saturday intraweek low $11,390.

Steering clear of the first major support level at $11,328, Bitcoin briefly revisited $11,700 levels on Sunday before easing back.

4 days in the red that included a 2.75% loss on Tuesday and 2.98% slide on Thursday delivered the downside for the week. A 3.14% rally on Monday limited the downside, however.

For the week ahead

Bitcoin would need to move through $11,848 pivot to support a run the first major resistance level at $12,305 into play.

Support from the broader market would be needed for Bitcoin to break back through to $12,000 levels.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of a breakout, Bitcoin could test the second major resistance level at $12,948 and resistance at $13,000.

Failure to move through the $11,848 pivot would bring the first major support level at $11,205 into play.

Barring an extended sell-off, Bitcoin should avoid the second major support level at $10,748. In the event of a sell-off, however, expect support at $10,500 to be tested in the week.

At the time of writing, Bitcoin was up by 0.05% to $11,668.6. It was a mixed start to the week on Monday. Bitcoin fell to an early Monday morning low $11,605 before rising to a high $11,669.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

BTC/USD 24/08/20 Daily Chart

Monero’s XMR

Monero’s XMR slipped by 0.22% in the week ending 23rd August. Following on from a 1.69% loss from the previous week, Monero’s XMR ended the week at $91.17.

A relatively range-bound start to the week. Monero’s XMR rose to a Tuesday high $97.17 before falling to a Wednesday low $88.98.

Leaving the support and resistance levels untested, Monero’s XMR rallied to a Friday intraweek high $105.85.

Monero’s XMR broke through the first major resistance level at $96.11 and the second major resistance level at $100.89 before hitting reverse.

The reversal saw Monero’s XMR side to a Saturday intraweek low $88.89 and into the red before finding support.

Steering clear of the first major support level at $85.29, Monero’s XMR rose to a Sunday high $94.77 before easing back into the red.

Key through the week was the breakout from the 23.6% FIB at $90.00, which limited the downside later in the week.

4 days in the red that included a 9.19% slide on Friday and a 3.47% loss on Sunday delivered the downside. An 11.35% rally on Thursday limited the losses for the week, however.

For the week ahead

Monero’s XMR would need to move through the $95.30 pivot to support a run at the first major resistance level at $101.72.

Support from the broader market would be needed, however, for Monero’s XMR to break back through to $100 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $105.85 would likely cap any upside.

In the event of another breakout, the second major resistance level at $112.26 would likely come into play.

Failure to move through the $95.30 pivot would bring 23.6% FIB at $90 and the first major support level at $84.76 into play.

Barring an extended broader-market sell-off, however, Monero’s XMR should steer well clear of sub-$80 levels. The second major support level sits at $78.34.

At the time of writing, Monero’s XMR was down by 0.24% to $90.95. It was a mixed start to the week on Monday morning. Monero’s XMR fell to an early morning low $90.15 before rising to a high $91.03.

Monero’s XMR left the major support and resistance levels untested at the start of the week.

XMR/USD 24/08/20 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

Did you find this article useful?

Advertisement