Bitcoin and Cardanos’ ADA – Weekly Technical Analysis – June 29th, 2020

Bitcoin

Bitcoin fell by 1.87% in the week ending 28th June. Following on from a 0.45% decline from the previous week, Bitcoin ended the week at $9,125.4

It was a bullish start to the week, with Bitcoin rallying by 4.27% on Monday before hitting reverse.

The early breakout saw Bitcoin strike a Monday intraweek high $9,795.0 before sliding to a Saturday intraweek low $8,855.0.

Monday’s rally saw Bitcoin break through the first major resistance level at $9,622 before sliding to sub-$9,000 levels.

The reversal saw Bitcoin fall through the first major support level at $8,947 and the 23.6% FIB of $8,900.

A Sunday recovery from early losses saw Bitcoin break back through to $9,000 levels to limit the loss of the week.

5 days in the red, including a 3.55% slide on Wednesday delivered a 3rd consecutive week in the red.

For the week ahead

Bitcoin would need to move through the $9,258 weekly pivot to bring the first major resistance level at $9,662 into play.

Support from the broader market would be needed for Bitcoin to break back through to $9,500 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $9,795 would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at $9,900 levels before any pullback.

Failure to move through the $9,258 pivot could see Bitcoin see red for a 4th consecutive week.

A pullback through to sub-$9,000 levels would bring the 23.6% FIB of $8,900 and the first major support level at $8,722 into play.

Barring an extended crypto rally, however, Bitcoin should steer well clear of sub-$8,000 levels. The second major support level at $8,318 should limit any downside in the week.

At the time of writing, Bitcoin was up by 0.17% to $9,141.1. A mixed start to the week saw Bitcoin fall to an early morning low $9,107.4 before rising to a high $9,147.7.

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

Cardano’s ADA

Cardano’s ADA rose by 2.36% in the week ending 28th June. Following a 2.54% gain from the previous week, Cardano’s ADA ended the week at $0.08024

It was a choppy start to the week for Cardano’s ADA. A Monday 6.78% rally saw Cardano’s ADA rise to an early in the week high $0.08515 before easing back.

Falling short of the first major resistance level at $0.08812, Cardano’s ADA fell back to $0.082 levels before striking a Wednesday intraweek high $0.08738.

Falling short of the first major resistance level at $0.08812 once more, Cardano’s ADA slid to a Saturday intraweek low $0.07427.

While falling through the week’s $0.7520 pivot, Cardano’s ADA avoided the first major support level at $0.06531.

In spite of 5 consecutive days in the red, Monday’s 6.78% rally and a 3.82% gain on Sunday delivered the upside.

For the week ahead

Cardano’s ADA would need to avoid a fall through the $0.08060 pivot to support a run at the first major resistance level at $0.087.

Support from the broader market would be needed, however, for Cardano’s ADA to break out from $0.085 levels.

Barring another extended crypto rally, the first major resistance level and last week’s high $0.08738 would likely cap any upside.

Failure to avoid a fall through the $0.08060 pivot could see Cardano’s ADA reverse early gains.

A pullback through to sub-$0.080 levels would bring the first major support level at $0.07388 into play.

Barring an extended broader-market sell-off, however, Cardano’s ADA should continue to avoid sub-$0.060 levels. The second major support level at $0.06752 should limit any downside in the week.

At the time of writing, Cardano’s ADA was up by 3.23% to $0.08283. A bullish start to the week saw Cardano’s ADA rally from an early Monday low $0.07996 to a high $0.08385.

Cardano’s ADA left the major support and resistance levels untested at the start of the week.

This article was originally posted on FX Empire

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