Bitcoin and Ripple’s XRP – Weekly Technical Analysis – August 23rd, 2021

Falling short of the first major resistance level at $49,179, Bitcoin slid to a Thursday intraweek low $43,992.0.

Steering clear of the first major support level at $43,828, Bitcoin rallied to a Saturday intraweek high $49,788.0 before easing back.

Bitcoin broke through the first major resistance level at $49,179 to end the week at $49,200 levels.

4 days in the green that included a 4.57% rise on Thursday and a 5.49% rally on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid the $47,682 pivot to support a run the first major resistance level at $51,372.

Support from the broader market would be needed for Bitcoin to break out from the 23.6% FIB of $50,473.

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 resistance at $55,000 before any pullback. The second major resistance level sits at $53,478.

A fall through the $47,682 pivot would bring the first major support level at $45,576 into play.

Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $41,886 and the 38.2% FIB of $41,592.

At the time of writing, Bitcoin was up by 1.12% to $49,817.0. A mixed start to the week saw Bitcoin fall to an early Monday low $49,098.0 before rising to a high $49,888.0.

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

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