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Bitcoin and Ripple’s XRP – Weekly Technical Analysis – April 12th, 2021

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·4 min read
In this article:
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Bitcoin

Bitcoin, BTC to USD, rose by 3.08% in the week ending 11th April. Following on from a 4.40% gain from the previous week, Bitcoin ended the week at $60,032.0.

A mixed start to the week saw Bitcoin rise to a Tuesday high $59,499.0 before hitting reverse.

Falling well short of the first major resistance level at $60,676, Bitcoin slid to a Wednesday intraweek low $55,555.0.

Coming within range of the first major support level at $55,317, Bitcoin rallied to a Saturday intraweek high $61,243.0.

Bitcoin broke through the first major resistance level at $60,676 to come within range of the March swing hi $61,699 before easing back.

5 days in the green that included a 3.84% rise on Thursday and a 2.89% gain on Saturday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $58,943 pivot to support a run the first major resistance level at $62,332.

Support from the broader market would be needed for Bitcoin to break out from the March 14th swing hi $61,699.0.

Barring an extended crypto rally, the first major resistance level and resistance at $62,500 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $65,000 before any pullback. The second major resistance level sits at $64,631.

Failure to avoid a fall through the $58,943 pivot would bring the first major support level at $56,644 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$55,000 levels. The second major support level sits at $53,255.

At the time of writing, Bitcoin was down by 0.17% to $59,927.4. A mixed start to the week saw Bitcoin rise to an early Monday morning high $60,406.0 before falling to a low $59,667.0.

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

Ripple’s XRP

Ripple’s XRP surged by 113.1% in the week ending 11th April. Following on from a 16.11% rally from the previous week, Ripple’s XRP ended the week at $1.35243.

A mixed start to the week saw Ripple’s XRP fall to a Monday intraweek low $0.62015 before making a move.

Steering clear of the first major support level at $0.5619, Ripple’s XRP surged to a Sunday intraweek high and a new swing hi $1.49667.

Ripple’s XRP broke through the week’s major resistance levels to wrap up the week at $1.35 levels.

4-days in the green included a 44.07% breakout on Monday and a 34.92% jump on Saturday delivered the upside for the week.

For the week ahead

Ripple’s XRP would need to avoid a fall through the 23.6% FIB of $1.1841 and the pivot level at $1.1564 to support a run at the first major resistance level at $1.6927.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s new swing hi $1.49667.

Barring another extended crypto rally, the first major resistance level and resistance at $1.70 would likely cap any upside.

In the event of another extended breakout, Ripple’s XRP could test resistance at $2.00 before any pullback. The second major resistance level sits at $2.0329.

Failure to avoid a fall through the 23.6% FIB of $1.1841 and the pivot level at $1.1564 would bring the 38.2% FIB of $0.9907 and the first major support level at $0.8162 and into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$1.00 levels, however.

At the time of writing, Ripple’s XRP was up by 0.69% to $1.36175. A mixed start to the week saw Ripple’s XRP rise to an early Monday morning high $1.36699 before falling to a low $1.31763.

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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