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

By:
Bob Mason
Published: Aug 23, 2021, 02:21 UTC

After a mixed week last week, avoiding the week's pivot levels will be key to supporting a breakout week ahead.

Shiny Ripple crypto-currency background

Bitcoin

Bitcoin, BTC to USD, rose by 4.77% in the week ending 22nd August. Following a 7.40% gain from the previous week, Bitcoin the week at $49,266.0.

A mixed start to the week saw Bitcoin rise to a Monday high $48,069.0 before hitting reverse.

Falling short of the first major resistance level at $49,179, Bitcoin slid to a Thursday intraweek low $43,992.0.

Steering clear of the first major support level at $43,828, Bitcoin rallied to a Saturday intraweek high $49,788.0 before easing back.

Bitcoin broke through 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% rally on Friday delivered the upside for the week.

For the week ahead

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

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.

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

In the event of an extended breakout, Bitcoin could test resistance at $55,000 before any pullback. The second major resistance level sits at $53,478.

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

Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $41,886 and the 38.2% FIB of $41,592.

At the time of writing, Bitcoin was up by 1.12% to $49,817.0. A mixed start to the week saw Bitcoin fall to an early Monday low $49,098.0 before rising to a high $49,888.0.

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

BTCUSD 230821 Daily Chart

Ripple’s XRP

Ripple’s XRP fell by 4.57% in the week ending 22nd August. Following the previous week’s 64.62% breakout, Ripple’s XRP ended the week at $1.22737.

A mixed start to the week saw Ripple’s XRP rise to a Monday intraweek high $1.32844 before hitting reverse.

Falling short of the first major resistance level at $1.5029, Ripple’s XRP slid to a Wednesday intraweek low $1.05050.

While steering clear of the first major support level at $0.9149, Ripple’s XRP fell through the 38.2% FIB of $1.0659.

Finding late support in the week, however, Ripple’s XRP broke back through the 38.2% FIB to end the week at $1.22 levels.

3-days in the red that included a 7.81% slide on Monday and a 7.41% fall on Tuesday delivered the downside for the week.

For the week ahead

Ripple’s XRP would need to avoid the pivot level at $1.2021 to support a run at the first major resistance level at $1.3537.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s high $1.32844.

Barring another extended crypto rally, the first major resistance level and the 62% FIB of $1.04096 would likely cap any upside.

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

A fall through the $1.2021 pivot would bring the first major support level at $1.0758 and the 38.2% FIB of $1.0659 into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$1.00 levels, however. The second major support level sits at $0.9242.

At the time of writing, Ripple’s XRP was up by 0.99% to $1.23954. A mixed start to the week saw Ripple’s XRP fall to an early Monday low $1.2223 before rising to a high $1.24790.

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

XRPUSD 230821 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.

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