Bitcoin and Ripple’s XRP – Weekly Technical Analysis – October 11th, 2021

Bitcoin

Bitcoin, BTC to USD, rallied by 13.37% in the week ending 10th October. Following an 11.70% gain from the week prior, Bitcoin ended the week at $54.691.0.

A mixed start to the week saw Bitcoin fall to a Monday intraweek low $46,897.0 before making a move.

Steering well clear of the first major support level at $42,965, Bitcoin rallied to a Sunday intraweek high $56,450.0.

Bitcoin broke through the 23.6% FIB of $50,473 and the first major resistance level at $51,357.

The extended rally also saw Bitcoin break through the second major resistance level at $54,473.

In spite of a pullback to sub-$55,000 levels, Bitcoin closed out the week above the second major resistance level.

5 days in the green that included a 7.43% jump on Wednesday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid the $52,679 pivot to support a run the first major resistance level at $58,462.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $56,450.0.

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 the second major resistance level at $62,232 before any pullback.

A fall through the $52,679 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $48,909 into play.

Barring an extended sell-off, Bitcoin should steer clear of the sub-$48,000 levels and the second major support level at $43,126.

At the time of writing, Bitcoin was up by 1.40% to $55,454.4. A mixed start to the week saw Bitcoin fall to an early Monday low $54,430.0 before rising to a high $55,635.0.

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

Ripple’s XRP

Ripple’s XRP rose by 7.65% in the week ending 10th October. Following an 11.83% breakout from the previous week, Ripple’s XRP ended the week at $1.13621.

A bearish start to the week saw Ripple’s XRP fall to a Monday intraweek low $1.00679 before making a move.

Steering clear of the first major support level at $0.9315, Ripple’s XRP rallied to a Sunday intraweek high $1.22855.

Ripple’s XRP broke through the 38.2% FIB of $1.0659 and the first major resistance level at $1.1341.

Ripple’s XRP also broke through the second major resistance level at $1.2130 before falling back to end the week at $1.13 levels.

2-days in the green that included a 9.16% breakout on Saturday delivered the upside in the week.

For the week ahead

Ripple’s XRP would need avoid the $1.1239 pivot level to support a run at the first major resistance level at $1.2409.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s high $1.22855.

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

In the event of another extended breakout, Ripple’s XRP could test resistance at $1.40 levels before any pullback. The second major resistance level sits at $1.3456.

A fall through the $1.1239 pivot would bring the 38.2% FIB of $1.0659 and the first major support level at $1.0192 into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$1.00 levels. The second major support level sits at $0.9021.

At the time of writing, Ripple’s XRP was up by 0.98% to $1.14734. A mixed start to the week saw Ripple’s XRP fall to an early Monday morning low $1.12787 before rising to a high $1.15648.

Ripple’s XRP left the major support and resistance levels untested early on.

https://finance.yahoo.com/

This article was originally posted on FX Empire

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