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

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


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.



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