Bitcoin and Ripple’s XRP – Weekly Technical Analysis – December 14th, 2020

Bitcoin

Bitcoin, BTC to USD, fell by 1.18% in the week ending 13^th December. Partially reversing a 6.67% gain from the previous week, Bitcoin ended the week at $19,180.0.

It was a bearish week. Bitcoin rose to a Monday intraweek low $19,460.0 before hitting reverse.
Falling well short of the first major resistance level at $20,179, Bitcoin slid to a Friday intraweek low $17,629.0.

The sell-off saw Bitcoin fall through the first major support level at $18,419 before finding support on the weekend.

A bullish weekend saw Bitcoin revisit $19,400 before ending the week at sub-$19,200 levels.

The pullback to sub-$19,400 levels left Bitcoin in the red for the week,

4 days in the red that included a 4.52% slide on Tuesday delivered the downside for the week. A 4.26% rally on Saturday and a 1.92% gain on Sunday pared some of the losses, however.

For the week ahead

Bitcoin would need to avoid a fall through $18,756 pivot to support a run the first major resistance level at $19,884.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $19,460.

Barring an extended crypto rally, the first major resistance level and resistance at $20,000 would likely cap any upside.

In the event of another breakout, Bitcoin could test resistance at $20,500 before any pullback. The second major resistance level sits at $20,587.

Failure to avoid a fall through the $18,756 pivot would bring the first major support level at $18,053 into play.

Barring another extended sell-off, however, Bitcoin should steer clear of sub-$17,000 support levels. The second major support level sits at $16,925.

At the time of writing, Bitcoin was down by 0.16% to $19,148.5. A bearish start to the week saw Bitcoin fall from an early Monday morning high $19,180.0 to a low $19,008.3.

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

Ripple’s XRP

Ripple’s XRP tumbled by 17.78% in the week ending 13^th December. Reversing a 2.69% gain from the previous week, Ripple’s XRP ended the week at $0.5131.

It was a bearish week. Ripple’s XRP rose to a Monday intraweek high $0.62469 before hitting reverse.

Falling short of the first major resistance level at $0.6931, Ripple’s XRP slid to a Saturday intraweek low $0.4800.

The reversal saw Ripple’s XRP slide through the first major support level at $0.5472 to visit sub-$0.50 levels. More significantly, Ripple’s XRP also fell through the 38.2% FIB of $0.5285.

On Sunday, a partial recovery to $0.51 levels reduced the deficit for the week.

5-days in the red that included an 8.16% slide on Tuesday and a 7.98% fall on Saturday did the damage. A 4.35% rally on Wednesday and a 1.25% gain on Sunday, eased some of the pain, however.

For the week ahead

Ripple’s XRP would need to move through the 38.2% FIB of $0.5285 and the $0.5393 pivot level to support a run at the first major resistance level at $0.5985.

Support from the broader market would be needed, however, for Ripple’s XRP to break out from $0.55 levels.

Barring another extended crypto rally, the first major resistance level and resistance at $0.60 would likely cap any upside.

In the event of another breakout, the 23.6% FIB of $0.6274 resistance at $0.65 would likely come into play. The second major resistance level sits at $0.6840.

Failure to move through the 38.2% FIB and the $0.5393 pivot would bring the first major support level at $0.4538 into play.

Barring an extended crypto market sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level sits at $0.3946.

At the time of writing, Ripple’s XRP was down 1.00% to $0.50796. A bearish start to the week saw Ripple’s XRP fall from an early Monday morning high $0.51316 to a low $0.50337.

Ripple’s XRP left the major support and resistance levels untested early in the day on Monday.