Bitcoin and Ripple’s XRP – Weekly Technical Analysis – March 29th, 2021

Bitcoin

Bitcoin, BTC to USD, fell by 2.72% in the week ending 28^th March. Reversing a 2.85% gain from the previous week, Bitcoin ended the week at $55,780.0.

A mixed start to the week saw Bitcoin rise to a Monday intraweek high $58,525.0 before hitting reverse.

Falling well short of the first major resistance level at $61,935, Bitcoin slid to a Thursday intraweek low $50,350.0.

Bitcoin fell through the first major support level at $54,706 and the second major support level at $50,412.

Steering clear of sub-$50,000, Bitcoin broke back through the support levels to revisit $56,000 levels before easing back.

In spite of a bearish end to the week, Bitcoin avoided a fall back through the first major support level at $54,706.

5 days in the red that included a 5.75% slide on Monday and a 3.70% fall on Wednesday delivered the downside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $54,885 pivot to support a run the first major resistance level at $59,420.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $58,525.0.

Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test the second major resistance level at $63,969 before any pullback. Bitcoin would need plenty of support, however, to breakout from the 14^th March swing hi $61,699.0.

Failure to avoid a fall through the $54,885 pivot would bring the first major support level at $51,245 into play.

Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $46,710. The 23.6% FIB of $48,082 should limit the downside.

At the time of writing, Bitcoin was down by 0.68% to $55,401.4. A mixed start to the week saw Bitcoin rise to an early morning high $55,908.1 before falling to a low $54,831.0.

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

Ripple’s XRP

Story continues

Ripple’s XRP rose 5.89% in the week ending 28^th March. Following on from a 17.77% rally from the previous week, Ripple’s XRP ended the week at $0.54765.

A bullish start to the week saw Ripple’s XRP rise to a Monday intraweek high $0.6000 before hitting reverse.

Ripple’s XRP broke through the 23.6% FIB of $0.5320 and the first major resistance level at $0.5721

The reversal saw Ripple’s XRP slide to a Wednesday intraweek low $0.45319 before finding support.

Ripple’s XRP fell back through the 23.6% FIB and also fell through the 38.2% FIB of $0.4632.

Steering clear of the first major support level at $0.4400, Ripple’s XRP briefly revisited $0.576 levels before ending the week at $0.547 levels.

While breaking back through the 38.2% FIB and the 23.6% FIB, the first major resistance level at $0.5721 pinned Ripple’s XRP back late in the week.

5-days in the green included a 6.89% gain on Thursday and a 9.98% rally on Friday contributed to the upside in the week. A 12.80% slide on Wednesday limit the gains for the week, however.

For the week ahead

Ripple’s XRP would need to avoid a fall through the pivot level at $0.5336 and the 23.6% FIB of $0.5320 to support a run at the first major resistance level at $0.6140.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s high $0.6000.

Barring another 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 $0.70 before any pullback. The second major resistance level sits at $0.6804.

Failure to avoid a fall through the pivot level at $0.5336 and the 23.6% FIB of $0.5320 would bring the first major support level at $0.4672 and the 38.2% FIB of $0.4632 into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level sits at $0.3868.

At the time of writing, Ripple’s XRP was up by 1.65% to $0.55668. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54351 before rising to a high $0.56411.

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

This article was originally posted on FX Empire

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