Bitcoin and Ripple’s XRP – Weekly Technical Analysis – February 1st, 2021

Falling well short of the first major resistance level at $37,175, Bitcoin slid to a Wednesday intraweek low $28,283.0.

While falling through the 23.6% FIB of $33,008, Bitcoin avoided a fall through the first major support level at $28,227.

Finding support on Thursday, Bitcoin rallied to a Friday intraweek high $38,710.7.

Bitcoin broke through the 23.6% FIB of $33,008 and the first major resistance level at $37,175 before falling back to sub-$33,000 levels.

Finding support in the weekend, however, Bitcoin broke back through the 23,6% FIB to end the week at $33,100 levels.

4 days in the green that included a 9.7% rally on Thursday delivered the upside for the week.

For the week ahead

Bitcoin would need to move through the $33,711 pivot to support a run the first major resistance level at $38,138.

Support from the broader market would be needed for Bitcoin to break back through to $38,000 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $38,710.7 would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at the swing hi $41,969 before any pullback. The second major resistance level sits at $43,138.

Failure to move through the $33,711 pivot would bring the 23.6% FIB and the first major support level at $28,710 into play.

In the event of a sell-off, Bitcoin should steer clear of the 38.2% FIB of $27,465. The second major support level sits at $24,283.

At the time of writing, Bitcoin was up by 0.98% to $33,462.6. A mixed start to the week saw Bitcoin fall to an early Monday morning low $32,333.0 before rising to a high $33,570.0.

While Bitcoin left the major support and resistance levels untested at the start of the week, Bitcoin briefly fell through the 23.6% FIB.