Bitcoin and Ripple’s XRP – Weekly Technical Analysis – February 1st, 2021

Bitcoin

Bitcoin, BTC to USD, rose by 2.51% in the week ending 31^st January. Partially reversing a 9.97% slide from the previous week, Bitcoin ended the week at $33,138.0.

A mixed start to the week saw Bitcoin rise to a Monday high $34,918.0 before hitting reverse.

Falling well short of the first major resistance level at $37,175, Bitcoin slid to a Wednesday intraweek low $28,283.0.

While falling through the 23.6% FIB of $33,008, Bitcoin avoided a fall through the first major support level at $28,227.

Finding support on Thursday, Bitcoin rallied to a Friday intraweek high $38,710.7.

Bitcoin broke through the 23.6% FIB of $33,008 and the first major resistance level at $37,175 before falling back to sub-$33,000 levels.

Finding support in the weekend, however, Bitcoin broke back through the 23,6% FIB to end the week at $33,100 levels.

4 days in the green that included a 9.7% rally on Thursday delivered the upside for the week.

For the week ahead

Bitcoin would need to move through the $33,711 pivot to support a run the first major resistance level at $38,138.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $38,710.7 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at the swing hi $41,969 before any pullback. The second major resistance level sits at $43,138.

Failure to move through the $33,711 pivot would bring the 23.6% FIB and the first major support level at $28,710 into play.

In the event of a sell-off, Bitcoin should steer clear of the 38.2% FIB of $27,465. The second major support level sits at $24,283.

At the time of writing, Bitcoin was up by 0.98% to $33,462.6. A mixed start to the week saw Bitcoin fall to an early Monday morning low $32,333.0 before rising to a high $33,570.0.

While Bitcoin left the major support and resistance levels untested at the start of the week, Bitcoin briefly fell through the 23.6% FIB.

Story continues

Ripple’s XRP

Ripple’s XRP surged by 81.2% in the week ending 31^st January. Reversing a 1.47% loss from the previous week, Ripple’s XRP ended the week at $0.49561.

It was a bearish start to the week. Ripple’s XRP fell to a Wednesday intraweek low $0.24369 before making a move.

Steering clear of the first major support level at $0.2352, Ripple’s XRP surged to a Sunday intraweek high $0.53690.

The weekend rally saw Ripple’s XRP break through the week’s major resistance levels. In the week, Ripple’s XRP also broke through the 23.6% FIB of $0.3172 and the 38.2% FIB of $0.4070.

In spite of a Sunday pullback to sub-$0.50 levels, Ripple’s XRP avoided a fall back through the third major resistance level at $0.4603.

5-days in the green included a 56.93% surge on Saturday and an 11.54% rally on Sunday that delivered the upside in the week.

For the week ahead

Ripple’s XRP would need to avoid a fall through the pivot level at $0.4254 to support a run at the 62% FIB of $0.5522 and the first major resistance level at $0.6071.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 62% FIB.

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 $0.7186.

Failure to avoid a fall through the pivot level at $0.4254 would bring the 38.2% FIB of $0.4070 into play. Barring an extended sell-off in the week, Ripple’s XRP should steer clear of the 23.6% FIB of $0.3172 and the first major support level at $0.3139.

At the time of writing, Ripple’s XRP was down by 3.54% to $0.47805. A bearish start to the week saw Ripple’s XRP fall from an early Monday morning high $0.49576 to a low $0.46032.

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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Originally published February 1, 2021, 5:30 AM