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Bitcoin rose by 6.67% in the week ending 6th December. Reversing a 1.05% loss from the previous week, Bitcoin ended the week at $19,410.0.

It was a bullish start to the week. Bitcoin rallied from a Monday intraweek low $18,196.0 to a Tuesday intraweek high and a new swing hi $19,956.00 before hitting reverse.

The rally saw Bitcoin break through the first major resistance level at $19,268 and the second major resistance level at $19,884.

A pullback on Tuesday saw Bitcoin fall back through the resistance level to a low $18,279.0 before finding support.

Mid-week, Bitcoin broke back through the first major resistance level at $19,268 to revisit $19,600 levels before easing back.

5 days in the green that included an 8.25% rally on Monday and a bullish weekend delivered the upside for the week.

Bitcoin would need to avoid a fall through $19,187 pivot to support a run the first major resistance level at $20,179.

Support from the broader market would be needed for Bitcoin to break out from last weeks high $19,956.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Bitcoin could test resistance at $21,000 before any pullback. The second major resistance level sits at $20,947.

Failure to avoid a fall through the $19,187 pivot would bring the first major support level at $18,419 into play.

Barring an extended sell-off, however, Bitcoin should steer clear of sub-$17,500 support levels. The second major support level sits at $17,427.

At the time of writing, Bitcoin was down by 0.57% to $19,300.0. A mixed start to the week saw Bitcoin rise to an early Monday morning high $19,460.0 before falling to a low $18,300.0.

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

Ripples XRP rose by 2.69% in the week ending 6th December. Following the previous weeks 35.79% breakout, Ripples XRP ended the week at $0.62223.

Story continues

It was a bullish start to the week. Ripples XRP rallied to a Monday intraweek high $0.68898 before hitting reverse.

While falling short of the first major resistance level at $0.7843, Ripples XRP broke through the 23.6% FIB of $0.6274 before hitting reverse.

The reversal saw Ripples XRP slide through the 23.6% FIB to a Friday intraweek low $0.5430.

Steering clear of the 38.2% FIB of $0.5285 and major support levels, Ripples XRP recovered to end the week at $0.62 levels.

5-days in the green that included a 9.65% jump on Monday and a bullish weekend delivered a 5th consecutive weekly gain. A 7.98% slide on Tuesday and 12.23% tumble on Friday limited the upside, however.

Ripples XRP would need to move back through the $0.6181 pivot level to support a run at the first major resistance level at $0.6931.

Support from the broader market would be needed, however, for Ripples XRP to break out from the 23.6% FIB of $0.6274 to last weeks high $0.68898.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Ripples XRP could test the second major resistance level at $0.7641.

Failure to move back through the $0.6181 pivot would bring the first major support level at $0.5472 into play.

Barring an extended crypto market sell-off, however, Ripples XRP should steer clear of sub-$0.50 levels. The 38.2% FIB of $0.5285 should limit any downside in the week.

At the time of writing, Ripples XRP was down by 1.93% to $0.61025. A mixed start to the week saw Ripples XRP rise to an early Monday morning high $0.62469 before falling to a low $0.60813.

Ripples XRP left the major support and resistance levels untested early in the day on Monday.

This article was originally posted on FX Empire

See more here:
Bitcoin and Ripples XRP Weekly Technical Analysis December 7th, 2020 - Yahoo Finance