Bitcoin and Ripple’s XRP – Weekly Technical Analysis – March 29th, 2021


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.

For the week ahead

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.



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