It's a mixed start to the week for the majors, with Ripple's XRP making an early move. Steering clear of the week's pivot levels would bring resistance levels into play.
Bitcoin, BTC to USD, fell by 2.72% in the week ending 28th March. Reversing a 2.85% gain from the previous week, Bitcoin ended the week at $55,780.0.
A mixed start to the week saw Bitcoin rise to a Monday intraweek high $58,525.0 before hitting reverse.
Falling well short of the first major resistance level at $61,935, Bitcoin slid to a Thursday intraweek low $50,350.0.
Bitcoin fell through the first major support level at $54,706 and the second major support level at $50,412.
Steering clear of sub-$50,000, Bitcoin broke back through the support levels to revisit $56,000 levels before easing back.
In spite of a bearish end to the week, Bitcoin avoided a fall back through the first major support level at $54,706.
5 days in the red that included a 5.75% slide on Monday and a 3.70% fall on Wednesday delivered the downside for the week.
Bitcoin would need to avoid a fall through the $54,885 pivot to support a run the first major resistance level at $59,420.
Support from the broader market would be needed for Bitcoin to break out from last week’s high $58,525.0.
Barring an extended crypto rally, the first major resistance level and resistance at $60,000 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test the second major resistance level at $63,969 before any pullback. Bitcoin would need plenty of support, however, to breakout from the 14th March swing hi $61,699.0.
Failure to avoid a fall through the $54,885 pivot would bring the first major support level at $51,245 into play.
Barring an extended sell-off, Bitcoin should steer clear of the second major support level at $46,710. The 23.6% FIB of $48,082 should limit the downside.
At the time of writing, Bitcoin was down by 0.68% to $55,401.4. A mixed start to the week saw Bitcoin rise to an early morning high $55,908.1 before falling to a low $54,831.0.
Bitcoin left the major support and resistance levels untested early on.
Ripple’s XRP rose 5.89% in the week ending 28th March. Following on from a 17.77% rally from the previous week, Ripple’s XRP ended the week at $0.54765.
A bullish start to the week saw Ripple’s XRP rise to a Monday intraweek high $0.6000 before hitting reverse.
Ripple’s XRP broke through the 23.6% FIB of $0.5320 and the first major resistance level at $0.5721
The reversal saw Ripple’s XRP slide to a Wednesday intraweek low $0.45319 before finding support.
Ripple’s XRP fell back through the 23.6% FIB and also fell through the 38.2% FIB of $0.4632.
Steering clear of the first major support level at $0.4400, Ripple’s XRP briefly revisited $0.576 levels before ending the week at $0.547 levels.
While breaking back through the 38.2% FIB and the 23.6% FIB, the first major resistance level at $0.5721 pinned Ripple’s XRP back late in the week.
5-days in the green included a 6.89% gain on Thursday and a 9.98% rally on Friday contributed to the upside in the week. A 12.80% slide on Wednesday limit the gains for the week, however.
Ripple’s XRP would need to avoid a fall through the pivot level at $0.5336 and the 23.6% FIB of $0.5320 to support a run at the first major resistance level at $0.6140.
Support from the broader market would be needed, however, for Ripple’s XRP to break out from last week’s high $0.6000.
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 $0.70 before any pullback. The second major resistance level sits at $0.6804.
Failure to avoid a fall through the pivot level at $0.5336 and the 23.6% FIB of $0.5320 would bring the first major support level at $0.4672 and the 38.2% FIB of $0.4632 into play.
Barring an extended sell-off in the week, Ripple’s XRP should steer clear of sub-$0.45 levels. The second major support level sits at $0.3868.
At the time of writing, Ripple’s XRP was up by 1.65% to $0.55668. A mixed start to the day saw Ripple’s XRP fall to an early morning low $0.54351 before rising to a high $0.56411.
Ripple’s XRP left the major support and resistance levels untested at the start of the week.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.