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Bitcoin and Ripple’s XRP – Weekly Technical Analysis – November 23rd, 2020

Bob Mason
·3-min read

Bitcoin

Bitcoin rallied by 15.20% in the week ending 22nd November. Following a 3.00% gain from the week prior, Bitcoin ended the week at $18,392.0.

It was a bullish week. Bitcoin rallied from a Monday intraweek low $15,874.0 to a Saturday intraweek high and a new swing hi $18,945.0.

The rally saw Bitcoin break through the first major resistance level at $16,684 and the second major resistance level at $17,402.

Coming up against resistance at $19,000, however, Bitcoin fell back on Sunday to end the week at sub-$18,500 levels.

5 days in the green that included a 5.72% rally on Tuesday and a 4.73% gain on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $17,737 pivot to support a run at the first major resistance level at $19,600.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $18,945.0.

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

In the event of another breakout, Bitcoin could test the second major resistance level at $20,808.

Failure to avoid a fall through the $17,737 pivot would bring the first major support level at $16,529 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$16,000 support levels. The second major support level sits at $14,666.

At the time of writing, Bitcoin was down by 0.95% to $18,217.0. A mixed start to the day saw Bitcoin rise to an early morning high $18,498.0 before falling to a low $18,003.0

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

Ripple’s XRP

Ripple’s XRP surged by 60.90% in the week ending 22nd November. Following on from a 6.29% rally from the previous week, Ripple’s XRP ended the week at $0.44669.

It was also a bullish week. Ripple’s XRP rallied from a Monday intraweek low $0.26767 to a Sunday intraweek high $0.4980.

Ripple’s XRP broke through the week’s major resistance levels. More significantly, however, Ripple’s XRP broke through the 23.6% FIB of $0.3134 and the 38.2% FIB of $0.4392.

The bearish end to the week saw Ripple’s XRP fall back to $0.40 levels before wrapping up the week at $0.44 levels.

5-days in the green that included a 39.95% jump on Saturday delivered the upside for the week.

For the week ahead

Ripple’s XRP would need to avoid a fall through 38.2% FIB and the $0.4041 pivot level to support a run at the first major resistance level at $0.5406.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s high $0.4980.

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 $0.6345 before any pullback.

Failure to avoid a fall through the 38.2% FIB and the $0.4041 pivot would bring the 23.6% FIB of 0.3134 and the first major support level at $0.3102 into play.

Barring an extended crypto market sell-off, however, Ripple’s XRP should steer clear of sub-$0.30 levels, however. The second major support level sits at $0.1738.

At the time of writing, Ripple’s XRP was up by 1.29% to $0.45246. A bullish start to the week saw Ripple’s XRP fall to an early Monday morning low $0.43266 before striking a high $0.45485.

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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