Bitcoin and Ripples XRP Weekly Technical Analysis August 3rd, 2020 – Yahoo Finance

Bitcoin

Bitcoin rallied by 11.11% in the week ending 2nd August. Following on from a 7.77% gain from the previous week, Bitcoin ended the week at $11,053.8.

It was a bullish week for Bitcoin and the broader market. Bitcoin slipped to a Monday intraweek low $9,944.9 before making a move.

Steering clear of the first major support level at $9,339, Bitcoin rallied to a Sunday intraweek high $12,097.0.

Bitcoin broke through the weeks major resistance levels before sliding back to sub-$11,000 levels.

Bitcoin fell back through the third major resistance level at $11,835 and the second major resistance level at $10,800.

Steering well clear of the first major support level at $9,339, however, Bitcoin broke back through the first major resistance level.

5 days in the green that included an 11.01% rally on Monday and 4.01% gain on Saturday delivered the upside for the week. A 6.36% slide on Sunday reversed some of the gains, however.

Bitcoin would need to avoid a fall through $11,032 pivot to bring the first major resistance level at $12,119 into play.

Support from the broader market would be needed for Bitcoin to break out from last weeks high $12,097.

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

In the event of a breakout, Bitcoin could take a run at the second major resistance level at $13,184.

Failure to avoid a fall through the $11,032 pivot would bring support levels into play.

Barring a broad-based sell-off, Bitcoin should avoid sub-$10,500 levels and the first major support level at $9,967.

At the time of writing, Bitcoin was up by 0.87% to $11,150.0. A mixed start to the week saw Bitcoin fall to an early morning low $10,943 before rising to a high $11,200 on Monday.

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

Ripples XRP surged by 33.50% in the week ending 2nd August. Following on from a 7.8% gain from the previous week, Ripples XRP ended the week at $0.28764.

A mixed start to the week saw Ripples XRP fall to a Monday intraweek low $0.20949 before making a move.

Steering clear of the first major support level at $0.19669, Ripples XRP rallied to a Sunday intraweek high $0.32620.

Ripples XRP broke through the major resistance levels sliding back to sub-$0.25 levels.

The pullback saw Ripples XRP fall through the third major resistance level at $0.27739 and the second major resistance level at $0.24422.

Finding late support, however, Ripples XRP broke back through the second major resistance level to end the week at $0.28 levels.

6-days in the green that included a 12.01% rally on Saturday delivered the upside for the week.

Ripples XRP would need to avoid a fall through the $0.27434 pivot to support a run at the first major resistance level at $0.33950.

Support from the broader market would be needed, however, for Ripples XRP to break out from last weeks high $0.32620.

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

In the event of another breakout, the second major resistance level at $0.39135 and $0.40 levels could come into play.

Failure to avoid a fall through the $0.27434 pivot would bring the first major support level at $0.22249 into play.

Story continues

Barring an extended broader-market sell-off, however, Ripples XRP should steer of sub-$0.24 levels in the week.

At the time of writing, Ripples XRP was up by 2.59% to $0.29510. A mixed start to the week saw Ripples XRP fall to an early Monday low $0.28383 before rising to a high $0.29958.

Ripples 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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Bitcoin and Ripples XRP Weekly Technical Analysis August 3rd, 2020 - Yahoo Finance