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Bitcoin and Ripple’s XRP – Weekly Technical Analysis – December 7th, 2020

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·4 min read
In this article:
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Bitcoin

Bitcoin rose by 6.67% in the week ending 6th December. Reversing a 1.05% loss from the previous week, Bitcoin ended the week at $19,410.0.

It was a bullish start to the week. Bitcoin rallied from a Monday intraweek low $18,196.0 to a Tuesday intraweek high and a new swing hi $19,956.00 before hitting reverse.

The rally saw Bitcoin break through the first major resistance level at $19,268 and the second major resistance level at $19,884.

A pullback on Tuesday saw Bitcoin fall back through the resistance level to a low $18,279.0 before finding support.

Mid-week, Bitcoin broke back through the first major resistance level at $19,268 to revisit $19,600 levels before easing back.

5 days in the green that included an 8.25% rally on Monday and a bullish weekend delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $19,187 pivot to support a run the first major resistance level at $20,179.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $19,956.

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

In the event of another breakout, Bitcoin could test resistance at $21,000 before any pullback. The second major resistance level sits at $20,947.

Failure to avoid a fall through the $19,187 pivot would bring the first major support level at $18,419 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$17,500 support levels. The second major support level sits at $17,427.

At the time of writing, Bitcoin was down by 0.57% to $19,300.0. A mixed start to the week saw Bitcoin rise to an early Monday morning high $19,460.0 before falling to a low $18,300.0.

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

Ripple’s XRP

Ripple’s XRP rose by 2.69% in the week ending 6th December. Following the previous week’s 35.79% breakout, Ripple’s XRP ended the week at $0.62223.

It was a bullish start to the week. Ripple’s XRP rallied to a Monday intraweek high $0.68898 before hitting reverse.

While falling short of the first major resistance level at $0.7843, Ripple’s XRP broke through the 23.6% FIB of $0.6274 before hitting reverse.

The reversal saw Ripple’s XRP slide through the 23.6% FIB to a Friday intraweek low $0.5430.

Steering clear of the 38.2% FIB of $0.5285 and major support levels, Ripple’s XRP recovered to end the week at $0.62 levels.

5-days in the green that included a 9.65% jump on Monday and a bullish weekend delivered a 5th consecutive weekly gain. A 7.98% slide on Tuesday and 12.23% tumble on Friday limited the upside, however.

For the week ahead

Ripple’s XRP would need to move back through the $0.6181 pivot level to support a run at the first major resistance level at $0.6931.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from the 23.6% FIB of $0.6274 to last week’s high $0.68898.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test the second major resistance level at $0.7641.

Failure to move back through the $0.6181 pivot would bring the first major support level at $0.5472 into play.

Barring an extended crypto market sell-off, however, Ripple’s XRP should steer clear of sub-$0.50 levels. The 38.2% FIB of $0.5285 should limit any downside in the week.

At the time of writing, Ripple’s XRP was down by 1.93% to $0.61025. A mixed start to the week saw Ripple’s XRP rise to an early Monday morning high $0.62469 before falling to a low $0.60813.

Ripple’s XRP left the major support and resistance levels untested early in the day on Monday.

This article was originally posted on FX Empire

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