Bitcoin and Ripple’s XRP – Weekly Technical Analysis – April 19th, 2021

Coming up against the first major resistance level at $64,631, Bitcoin slid to a Sunday intraweek low $50,500.0.

The sell-off saw Bitcoin fall through the first major support level at $56,644.

Finding support at the 23.6% FIB of $50,473, Bitcoin moved back through to $56,000 levels to reduce the deficit. The first major support level at $56,644 pinned Bitcoin back on Sunday.

5 days in the red that included a 6.27% slide on Sunday delivered the downside for the week.

For the week ahead

Bitcoin would need to move through the $57,167 pivot to support a run the first major resistance level at $63,834.

Support from the broader market would be needed for Bitcoin to break back through to $60,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s new swing hi $64,829.0 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $70,000 before any pullback. The second major resistance level sits at $71,496.

Failure to move through the $57,167 pivot would bring the 23.6% FIB of $50,473 and the first major support level at $49,505 into play.

Barring another extended sell-off, Bitcoin should steer clear of sub-$45,000 levels. The second major support level sits at $42,838.

At the time of writing, Bitcoin was up by 1.01% to $56,738.0. A mixed start to the week saw Bitcoin fall to an early Monday morning low $55,709.0 before rising to a high $57,200.0.

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