U.S. Markets closed
  • S&P Futures

    3,431.50
    +8.75 (+0.26%)
     
  • Dow Futures

    28,183.00
    +83.00 (+0.30%)
     
  • Nasdaq Futures

    11,677.25
    +27.00 (+0.23%)
     
  • Russell 2000 Futures

    1,616.40
    +5.10 (+0.32%)
     
  • Crude Oil

    40.57
    -0.26 (-0.64%)
     
  • Gold

    1,906.10
    -5.60 (-0.29%)
     
  • Silver

    24.57
    -0.13 (-0.52%)
     
  • EUR/USD

    1.1773
    0.0000 (-0.0000%)
     
  • 10-Yr Bond

    0.7610
    +0.0170 (+2.28%)
     
  • Vix

    29.18
    +1.77 (+6.46%)
     
  • GBP/USD

    1.2947
    +0.0006 (+0.0492%)
     
  • USD/JPY

    105.5600
    +0.1300 (+0.1233%)
     
  • BTC-USD

    11,702.99
    +645.98 (+5.84%)
     
  • CMC Crypto 200

    238.34
    +4.67 (+2.00%)
     
  • FTSE 100

    5,884.65
    -34.93 (-0.59%)
     
  • Nikkei 225

    23,654.45
    -16.68 (-0.07%)
     

Bitcoin and Monero’s XMR – Weekly Technical Analysis – August 24th, 2020

Bob Mason
·4 mins read

Bitcoin

Bitcoin fell by 2.19% in the week ending 23rd August. Reversing a 2.14% gain from the previous week, Bitcoin ended the week at $11,663.0

It was a bullish start to the week. Bitcoin rose to a Monday intraweek high $12,490 before hitting reverse.

The bullish start saw Bitcoin break through the first major resistance level at $12,293 before falling to a Saturday intraweek low $11,390.

Steering clear of the first major support level at $11,328, Bitcoin briefly revisited $11,700 levels on Sunday before easing back.

4 days in the red that included a 2.75% loss on Tuesday and 2.98% slide on Thursday delivered the downside for the week. A 3.14% rally on Monday limited the downside, however.

For the week ahead

Bitcoin would need to move through $11,848 pivot to support a run the first major resistance level at $12,305 into play.

Support from the broader market would be needed for Bitcoin to break back through to $12,000 levels.

Barring an extended crypto rally, the first major resistance level would likely limit any upside.

In the event of a breakout, Bitcoin could test the second major resistance level at $12,948 and resistance at $13,000.

Failure to move through the $11,848 pivot would bring the first major support level at $11,205 into play.

Barring an extended sell-off, Bitcoin should avoid the second major support level at $10,748. In the event of a sell-off, however, expect support at $10,500 to be tested in the week.

At the time of writing, Bitcoin was up by 0.05% to $11,668.6. It was a mixed start to the week on Monday. Bitcoin fell to an early Monday morning low $11,605 before rising to a high $11,669.0.

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

Monero’s XMR

Monero’s XMR slipped by 0.22% in the week ending 23rd August. Following on from a 1.69% loss from the previous week, Monero’s XMR ended the week at $91.17.

A relatively range-bound start to the week. Monero’s XMR rose to a Tuesday high $97.17 before falling to a Wednesday low $88.98.

Leaving the support and resistance levels untested, Monero’s XMR rallied to a Friday intraweek high $105.85.

Monero’s XMR broke through the first major resistance level at $96.11 and the second major resistance level at $100.89 before hitting reverse.

The reversal saw Monero’s XMR side to a Saturday intraweek low $88.89 and into the red before finding support.

Steering clear of the first major support level at $85.29, Monero’s XMR rose to a Sunday high $94.77 before easing back into the red.

Key through the week was the breakout from the 23.6% FIB at $90.00, which limited the downside later in the week.

4 days in the red that included a 9.19% slide on Friday and a 3.47% loss on Sunday delivered the downside. An 11.35% rally on Thursday limited the losses for the week, however.

For the week ahead

Monero’s XMR would need to move through the $95.30 pivot to support a run at the first major resistance level at $101.72.

Support from the broader market would be needed, however, for Monero’s XMR to break back through to $100 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $105.85 would likely cap any upside.

In the event of another breakout, the second major resistance level at $112.26 would likely come into play.

Failure to move through the $95.30 pivot would bring 23.6% FIB at $90 and the first major support level at $84.76 into play.

Barring an extended broader-market sell-off, however, Monero’s XMR should steer well clear of sub-$80 levels. The second major support level sits at $78.34.

At the time of writing, Monero’s XMR was down by 0.24% to $90.95. It was a mixed start to the week on Monday morning. Monero’s XMR fell to an early morning low $90.15 before rising to a high $91.03.

Monero’s XMR left the major support and resistance levels untested at the start of the week.

This article was originally posted on FX Empire

More From FXEMPIRE: