trading robot

Bitcoin (BTC), Ripple (XRP) Weekly Technical Analysis

After the mixed sessions last week, digital currencies will have to avoid the week’s critical level for breakout support this week.

Bitcoin (BTC)

The week that ended on 22 August saw BTC-USD rising by 4.77%. The leading coin ended its week at around $49,266 after gaining 7.4% over the previous week.

Meanwhile, unpredictable sessions at the start of the week saw the crypto climbing to $48,069 Monday high before reversing.

Meanwhile, failure to overcome the initial resistance at $49,179 saw the coin sliding to intraweek lows of $43,992.

However, keeping away the $43,828 initial support had BTC rallying intraweek high at $49,788 on Saturday. However, catalysts emerged for slight reverses.

The bullish sentiment saw BTC riding the green in four days, including a 4.57% surge on Thursday and Friday’s 5.49% uptrends.

BTC Week Ahead

For now, BTC has to prevent the $47,682 pivot for support past the $51,372 massive resistance.

The broader market backing is essential for the leading cryptocurrency to overpower the 23.6% Fibonacci of $50,473.

Excluding continuous market rally will confirm the initial resistance, preventing upside surges.

However, an extended market rally might see Bitcoin testing the resistance level near $55,000 before pullbacks surface. The crypto’s 2nd resistance locates at $53,478.

Meanwhile, losing the $47,682 pivot will have Bitcoin at its initial support near $45,576.

While writing this content, BTC gained 1.12% to stand at $49,817. Mixed sessions early on the week had Bitcoin falling to $49,098 on early Monday before climbing to $49,888.

Ripple (XRP)

The week that ended on 22 August had XRP falling by 4.57%. After the 64.62% breakout over the previous week, XRP hovered at $1.22737 as the week ended.

Meanwhile, the unpredictable moves at the start of last week had XRP rising to $1.32844 intraweek high before easing back.

However, the alt dropped to an intraweek low of $1.05050 on Wednesday after the coin failed to conquer the $1.5029.

The asset had its value in the red for three days, including a 7.81% plunge on Monday and Tuesday’s 7.41% fall, confirming a downtrend week.

XRP Week Ahead

XRP has to keep away the pivot around $1.2021 for a move towards the initial resistance at $1.3637.

For now, the altcoin depends on the broader market for support to conquer its week’s high of $1.32844. Failure to that, XRP’s 62% Fibonacci and $1.04096 resistance will cap uptrends.

While writing this content, XRP trades at $1.23954, surging 0.99%.

XRP’s mixed start this week had the asset falling to $1.2223 on early Monday before climbing to $1.24790.

You can share this article.

Previous Article
Next Article

Leave a Reply

Your email address will not be published. Required fields are marked *