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Bitcoin and Ripple’s XRP – Weekly Technical Analysis – February 15th, 2021

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·4 min read
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Bitcoin

Bitcoin, BTC to USD, rallied by 25.08% in the week ending 14th February. Following on from a 17.27% rally from the previous week, Bitcoin ended the week at $48,584.0.

A mixed start to the week saw Bitcoin fall to a Monday intraweek low $37,947.0 before making a move.

Steering clear of the first major support level at $33,813 and the 23.6% FIB of $33,008, Bitcoin rallied to a Sunday intraweek high and a new swing hi $49,659.0.

Bitcoin broke through the first major resistance level at $42,380 and the second major resistance level at $45,924.

Falling short of $50,000 levels, however, Bitcoin ease back to end the week at sub-$49,000 levels.

4 days in the green that included a 19.59% rally on Monday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $45,397 pivot to support a run the first major resistance level at $52,846.

Support from the broader market would be needed for Bitcoin to break out from 14th January’s swing hi $49,659.0.

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 resistance at $55,000 before any pullback. The second major resistance level sits at $57,109.

Failure to avoid a fall through the $45,397 pivot would bring the first major support level at $41,134 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$40,000 and the 23.6% FIB of $38,338. The second major support level sits at $33,685.

At the time of writing, Bitcoin was down by 3.40% to $46,932.0. A mixed start to the week saw Bitcoin rise to an early Monday high $48,959.0 before sliding to a low $45,730.5.

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

Ripple’s XRP

Ripple’s XRP surged by 41.34% in the week ending 14th February. Reversing a 15.35% slide from the previous week, Ripple’s XRP ended the week at $0.59259.

It was a mixed start to the week. Ripple’s XRP fell to a Monday intraweek low $0.41347 before making a move.

Steering clear of the 38.2% FIB of $0.4070 and the first major support level at $0.2532, Ripple’s XRP surged to a Saturday intraweek high $0.6432.

While falling short of the week’s major resistance levels, Ripple’s XRP broke through the 62% FIB of $0.5522 to form a near-term bullish trend.

In spite of a bearish end to the week, Ripple’s XRP avoided a fall back to sub-$0.55 levels on Sunday.

6-days in the green included a 7.69% rally on Monday and an 15.33% rally on Saturday contributed to the upside in the week.

For the week ahead

Ripple’s XRP would need to move back through the pivot level at $0.5498 to support a run at the first major resistance level at $0.6860.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s high $0.6432.

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

In the event of another extended breakout, Ripple’s XRP could test resistance at $0.80 before any pullback. The second major resistance level sits at $0.7795.

Failure to move back through the pivot level at $0.5498 would bring the 23.6% FIB of $0.5320 and the 38.2% FIB of $0.4632 into play.

Barring an extended sell-off in the week, Ripple’s XRP should steer well clear of sub-$0.40 levels, however. The first major support level at $0.4563 should limit the downside.

At the time of writing, Ripple’s XRP was down by 7.38% to $0.54887. A mixed start to the week saw Ripple’s XRP rise to an early Monday high $0.60449 before sliding to a low $0.51117.

Ripple’s XRP left the major support and resistance levels untested at the start of the week.

The early sell-off did see Ripple’s XRP briefly fall through the 23.6% FIB of $0.5320, however.

This article was originally posted on FX Empire

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