Bitcoin and Monero’s XMR – Weekly Technical Analysis – August 24th, 2020
Bitcoin
It was a bullish start to the week. Bitcoin rose to a Monday intraweek high $12,490 before hitting reverse.
The bullish start saw Bitcoin break through the first major resistance level at $12,293 before falling to a Saturday intraweek low $11,390.
Steering clear of the first major support level at $11,328, Bitcoin briefly revisited $11,700 levels on Sunday before easing back.
4 days in the red that included a 2.75% loss on Tuesday and 2.98% slide on Thursday delivered the downside for the week. A 3.14% rally on Monday limited the downside, however.
For the week ahead
Bitcoin would need to move through $11,848 pivot to support a run the first major resistance level at $12,305 into play.
Support from the broader market would be needed for Bitcoin to break back through to $12,000 levels.
Barring an extended crypto rally, the first major resistance level would likely limit any upside.
In the event of a breakout, Bitcoin could test the second major resistance level at $12,948 and resistance at $13,000.
Failure to move through the $11,848 pivot would bring the first major support level at $11,205 into play.
Barring an extended sell-off, Bitcoin should avoid the second major support level at $10,748. In the event of a sell-off, however, expect support at $10,500 to be tested in the week.
At the time of writing, Bitcoin was up by 0.05% to $11,668.6. It was a mixed start to the week on Monday. Bitcoin fell to an early Monday morning low $11,605 before rising to a high $11,669.0.
Bitcoin left the major support and resistance levels untested at the start of the week.
Monero’s XMR
A relatively range-bound start to the week. Monero’s XMR rose to a Tuesday high $97.17 before falling to a Wednesday low $88.98.
Leaving the support and resistance levels untested, Monero’s XMR rallied to a Friday intraweek high $105.85.
Monero’s XMR broke through the first major resistance level at $96.11 and the second major resistance level at $100.89 before hitting reverse.
The reversal saw Monero’s XMR side to a Saturday intraweek low $88.89 and into the red before finding support.
Steering clear of the first major support level at $85.29, Monero’s XMR rose to a Sunday high $94.77 before easing back into the red.
Key through the week was the breakout from the 23.6% FIB at $90.00, which limited the downside later in the week.
4 days in the red that included a 9.19% slide on Friday and a 3.47% loss on Sunday delivered the downside. An 11.35% rally on Thursday limited the losses for the week, however.
For the week ahead
Monero’s XMR would need to move through the $95.30 pivot to support a run at the first major resistance level at $101.72.
Support from the broader market would be needed, however, for Monero’s XMR to break back through to $100 levels.
Barring an extended crypto rally, the first major resistance level and last week’s high $105.85 would likely cap any upside.
In the event of another breakout, the second major resistance level at $112.26 would likely come into play.
Failure to move through the $95.30 pivot would bring 23.6% FIB at $90 and the first major support level at $84.76 into play.
Barring an extended broader-market sell-off, however, Monero’s XMR should steer well clear of sub-$80 levels. The second major support level sits at $78.34.
At the time of writing, Monero’s XMR was down by 0.24% to $90.95. It was a mixed start to the week on Monday morning. Monero’s XMR fell to an early morning low $90.15 before rising to a high $91.03.
Monero’s XMR left the major support and resistance levels untested at the start of the week.
article was originally posted on FX Empire” data-reactid=”85″>This article was originally posted on FX Empire
