Advertisement
Advertisement

Bitcoin and Ripple’s XRP – Weekly Technical Analysis – April 19th, 2021

By:
Bob Mason
Updated: Apr 19, 2021, 13:31 UTC

It's a bullish start to the week after last week's bearish end. A move through the week's pivot levels would support a run at new swing hi levels in the week ahead.

Pattern of coins LTC, ETH, BTC, XMR, XRP on a dark background. Business concept.

Bitcoin

Bitcoin, BTC to USD, fell by 6.43% in the week ending 18th April. Reversing a 3.08% gain from the previous week, Bitcoin ended the week at $56,172.0.

A bullish start to the week saw Bitcoin rise to a Tuesday intraweek high and a new swing hi $64,829.0 before hitting reverse.

Coming up against the first major resistance level at $64,631, Bitcoin slid to a Sunday intraweek low $50,500.0.

The sell-off saw Bitcoin fall through the first major support level at $56,644.

Finding support at the 23.6% FIB of $50,473, Bitcoin moved back through to $56,000 levels to reduce the deficit. The first major support level at $56,644 pinned Bitcoin back on Sunday.

5 days in the red that included a 6.27% slide on Sunday delivered the downside for the week.

For the week ahead

Bitcoin would need to move through the $57,167 pivot to support a run the first major resistance level at $63,834.

Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s new swing hi $64,829.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $70,000 before any pullback. The second major resistance level sits at $71,496.

Failure to move through the $57,167 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $49,505 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $42,838.

At the time of writing, Bitcoin was up by 1.01% to $56,738.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $55,709.0 before rising to a high $57,200.0.

Bitcoin left the major support and resistance levels untested early on.

BTCUSD 190421 Daily Chart

Ripple’s XRP

Ripple’s XRP rose by 4.67% in the week ending 18th April. Following on from a 113.1% surge from the previous week, Ripple’s XRP ended the week at $1.41371.

A bullish start to the week saw Ripple’s XRP rally to a Tuesday intraweek high and a new swing hi $1.96598.

Ripple’s XRP broke through the first major resistance level at $1.6927 before sliding to a Sunday intraweek low $1.1500.

The sell-off saw Ripple’s XRP fall through the 23.6% FIB of $1.5426 and the 38.2% FIB of $1.2807.

Steering clear of the first major support level at $0.8162, however, Ripple’s XRP found support to end the week at $1.41 levels.

Ripple’s XRP broke back through the 38.2% FIB to end the week in positive territory.

3-days in the green included a 22.32% breakout on Tuesday delivered the upside for the week. An 11.91% slide on Friday and an 8.33% loss on Sunday pared some of the gains, however.

For the week ahead

Ripple’s XRP would need to move through the pivot at $1.5099 and the 23.6% FIB of $1.5426 to bring the first major resistance level at $1.8698 into play.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $1.80 levels.

Barring an extended crypto rally, the first major resistance level and last week’s swing hi $1.96598 would likely cap any upside.

In the event of an extended breakout, Ripple’s XRP could test the second major resistance level at $2.3259.

Failure to move through the pivot at $1.5099 and the 23.6% FIB would bring the first major support level at $1.0538 into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$1.00 levels and the 62% FIB of $0.8573. The second major support sits at $0.6939.

At the time of writing, Ripple’s XRP was up by 2.57% to $1.45001. A mixed start to the week saw Ripple’s XRP fall to an early Monday morning low $1.3600 before rising to a high $1.46.

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

XRPUSD 190421 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