Bitcoin and Ripple’s XRP – Weekly Technical Analysis – October 19th, 2020

Steering clear of the first major support level at $10,782, Bitcoin bounced back to a Monday intraweek high $11,740.0.

Coming up against the first major resistance level at $11,746, Bitcoin fell back to $11,210 levels and into the red on Friday.

A relatively bullish end to the week, coming off the back of 2 consecutive days in the green delivered the upside for the week.

4 days in the green that included a 1.54% gain on Monday delivered the upside for the week. A 1.60% slide on Friday, limited the upside for the week, however.

For the week ahead

Bitcoin would need to avoid a fall through $11,456 pivot to support a run the first major resistance level at $11,802.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $11.740.0.

Barring an extended crypto rally, the first major resistance level and last week’s high $11,740.0 would likely cap any upside.

In the event of a breakout, Bitcoin could test resistance at $12,000 before any pullback. The second major resistance level sits at $12,085.

Failure to avoid a fall through the $11,456 pivot would bring the first major support level at $11,173 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$11,000 support levels. The second major support level sits at $10,827

At the time of writing, Bitcoin was down by 0.31% to $11,482.0. A mixed start to the week saw Bitcoin hit an early Monday morning high $11,550.0 before falling to a low $11,459.1.

Bitcoin left the major support and resistance levels untested at the start of the week.