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Ripple s XRP and Bitcoin Weekly Tech Analysis – 11 October
After the bullishness that dominated in the week ending 10 October, top cryptos should duck the week s pivot points to support breakouts in the coming
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After the bullishness that dominated in the week ending 10 October, top cryptos should duck the week’s pivot points to support breakouts in the coming week.
BTC-USD increased by 13.37% during the week that ended on 10 October. With an 11.7% uptick from the previous week, the largest cryptocurrency ended last week at around $5.691. Mixed price reactions had BTC plunging to an intraweek low of $46,897 on Monday.
Overpowering the initial crucial support area at $42,965 saw Bitcoin surging to an intraweek peak of $56,450 on Sunday. That way, Bitcoin broke past 23.6% Fibonacci of $50,473 and the first resistance zone at $51,357.
The continuous rally witnessed BTC overshadowing the 2nd crucial resistance area located at $54,473. Meanwhile, the token closed the week past the second massive resistance despite plummets to sub-$55K levels. Bitcoin recorded five days in green, including Wednesday’s 7.43% upswing. That contributed to the week’s uptrend.
BTC’s Week Ahead
Bitcoin has to prevent the pivot around $52,679 to bolster a rally towards the initial massive support at $58,462. Meanwhile, the virtual coin will require broad market backing to overcome its previous week’s peak of $56,450. However, the first resistance will prevent BTC’s further uptick.
An extended surge might take Bitcoin towards the 2nd resistance at $62,232 before pullbacks. Breaching the pivot of $52,679 will see BTC hitting 23.6% Fibonacci of $50,473 and initial support around $48,909.
While writing this content, Bitcoin hovers around $55,545 after gaining 1.4%. Meanwhile, unpredictable sessions had the asset hitting Monday lows of $54,430 before climbing to the $55,635 peaks.
XRP surged 7.66% during the week ending 10 October. With an 11.84% uptick from the prior week, the alt was near $1.1362 as the week ended. Bearishness had XRP falling to an intraweek low of $1.0068 on Monday.
Meanwhile, the crypto rallied to $1.2286, its intraweek high on Sunday. That had XRP breaking the 38.2% Fibonacci at $1.066 and the initial resistance at $1.134. For now, the Ripple token should avoid the pivot at $1.1239 to test the initial resistance at $1.2409.
While writing this article, XRP gained 0.98% to stand at $1.14734. Unpredictable price moves early on Monday saw the asset falling towards $1.1279 before climbing towards $1.1565. Bitcoin’s upside moves will boost altcoins, including XRP.