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

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.