Bitcoin and Ripple’s XRP – Weekly Technical Analysis – November 30th, 2020

Bitcoin

Bitcoin fell by 1.05% in the week ending 29^th November. Partially reversing a 15.20% rally from the week prior, Bitcoin ended the week at $18,196.0.

It was a choppy week. Bitcoin recovered from a Monday low $18,003.0 to strike a Wednesday intraweek high and a new swing hi $19,497.0.

Falling short of the first major resistance level at $19,600, Bitcoin tumbled to a Thursday intraweek low $16,317.0.

The sell-off saw Bitcoin fall through the first major support level at $16,529 before a partial recovery to $18,100 levels.

4 days in the red that included an 8.09% slide on Thursday delivered the downside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $18,003 pivot to support a run the first major resistance level at $19,690.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $19,497.

Barring an extended crypto rally, the first major resistance level and resistance at $19,500 would likely cap any upside.

In the event of another breakout, Bitcoin could test resistance at $20,000 before any pullback. The second major resistance level sits at $21,183.

Failure to avoid a fall through the $18,003 pivot would bring the first major support level at $16,510 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$15,000 support levels. The second major support level sits at $14,823.

At the time of writing, Bitcoin was up by 1.54% to $18,477.0. A bullish start to the week saw Bitcoin rise from an early Monday morning low $18,196.0 to a high $18,550.0.

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

Ripple’s XRP

Ripple’s XRP jumped by 35.79% in the week ending 29^th November. Following on from the previous week’s 60.90% breakout Ripple’s XRP ended the week at $0.60568.

It was a bullish start to the week. Ripple’s XRP rallied from a Monday intraweek low $0.43266 to a Tuesday intraweek high and new swing hi $0.78716.

Ripple’s XRP broke through the first major resistance level at $0.5406 and the second major resistance level at $0.6345.

The breakout also saw Ripple’s XRP break through the 38.2% FIB of $0.4392 and the 62% FIB of $0.6426 to form a near-term bullish trend.

A mid-week sell-off, however, saw Ripple’s XRP slide back to sub-$0.50 levels before a move back through to $0.60 levels.

4-days in the green that included a 38.10% jump on Monday delivered a 4^th consecutive weekly gain. A 9.15% slide on Wednesday and a 14.83% slump on Thursday limited the upside, however.

For the week ahead

Ripple’s XRP would need to avoid a fall through the $0.6085 pivot level to support a run at the first major resistance level at $0.7843.

Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.70 levels.

Barring another extended crypto rally, resistance at $0.70 would likely cap any upside.

In the event of another breakout, Ripple’s XRP could test resistance at $0.80 before any pullback. The second major resistance level sits at $0.9630.

A fall through the 23.6% FIB of $0.6274 and the $0.6085 pivot would bring the 38.2% FIB of $0.5285 and the first major support level at $0.5285 into play.

Barring an extended crypto market sell-off, however, Ripple’s XRP should steer clear of the 62% FIB sits at $0.3687. The second major support level sits at $0.2540.

At the time of writing, Ripple’s XRP was up by 3.98% to $0.62980. A bullish start to the week saw Ripple’s XRP rally from an early morning low $0.60595 to a high $0.64681.

While steering clear of the major support and resistance levels, Ripple’s XRP broke through the 23.6% FIB of $0.6274.