Bitcoin and Ripple’s XRP Weekly Technical Analysis – August 10th, 2020

Bitcoin

Bitcoin rose by 5.57% in the week ending 9th August. Following on from an 11.11% rally from the previous week, Bitcoin ended the week at $11,675.3.

It was a bullish week for Bitcoin and the broader market. Bitcoin slipped to a Monday intraweek low $10,943.0 before making a move.

Steering clear of the first major support level at $9,967, Bitcoin rallied to a Friday intraweek high $11,900.

Falling short of the week’s first major resistance level at $12,119, Bitcoin fell back to $11,500 levels before finding support.

5 days in the green that included a 4.93% rally on Wednesday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $11,506 pivot to support another run the first major resistance level at $12,069 into play.

Support from the broader market would be needed for Bitcoin to break out from the current week high $12,060.

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

In the event of a breakout, Bitcoin could break out from the second major resistance level at $12,463 to target $13,000 levels.

A fall through the $11,506 pivot would bring the first major support level at $11,112 into play.

Barring an extended sell-off, Bitcoin should avoid sub-$11,000 levels and the second major support level at $10,549.

At the time of writing, Bitcoin was up by 2.80% to $12,002.0. A bullish start to the week saw Bitcoin rise from an early morning low $11,675.3 to a high $12,060 on Monday.

Bitcoin tested the first major resistance level at $12,069 at the start of the week.

Ripple’s XRP

Ripple’s XRP slipped by 0.04% in the week ending 9th August. Following the previous week’s 33.50% breakout, Ripple’s XRP ended the week at $0.28781.

A bullish start to the week saw Ripple’s XRP rally to a Monday intraweek high $0.31950 before hitting reverse.

Falling short of the first major resistance level at $0.3395, Ripple’s XRP slid to a Friday intraweek low $0.27742.

Steering well clear of the first major support level at $0.22249, Ripple’s XRP revisited $0.29 levels before slipping back to sub-$0.29 levels and into the red.

3-days in the red reversed Monday’s 7.68% rally to leave Ripple’s XRP in the red for the week.

For the week ahead

Ripple’s XRP would need to avoid a fall through the $0.29491 pivot to support a run at the first major resistance level at $0.31240.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.31 levels.

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

In the event of another breakout, 23.6% FIB of $0.3134 and the second major resistance level at $0.33699 could come into play.

A fall through the $0.29491 pivot would bring the first major support level at $0.27032 into play.

Barring an extended broader-market sell-off, however, Ripple’s XRP should steer well clear of the second major support level at $0.25283.

At the time of writing, Ripple’s XRP was up by 2.62% to $0.29536. A bullish start to the week saw Ripple’s XRP rise from an early Monday low $0.28821 to a high $0.29550.

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

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This article was originally posted on FX Empire

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