Bitcoin and Cardano’s ADA Weekly Technical Analysis – July 13th, 2020
Bitcoin
Bitcoin rose by 2.50% in the week ending 12th July. Reversing a 1.46% loss from the previous week, Bitcoin ended the week at $9,315.8.
It was a bullish start to the week. Bitcoin rose from a Monday intraweek low $9,075.8 to a Wednesday intraweek high $9,497.2.
Bitcoin broke through the first major resistance level at $9,282 to come up against the second major resistance level at $9,480.0.
Hitting reverse mid-week, Bitcoin fell back through the major resistance levels to $9,133 levels before finding support.
In spite of a choppy end to the week, Bitcoin managed to recover to $9,300 levels on Sunday to close out the week in the green.
4-days in the green that included a 3.05% rally on Monday delivered the upside for the week.
For the week ahead
Bitcoin would need to avoid a fall back through $9,296 pivot to bring the first major resistance level at $9,517 into play.
Support from the broader market would be needed for Bitcoin to break out from last week’s high $9,497.2.
Barring an extended crypto rally, the first major resistance level and last week’s high $9,497.2 would likely cap any upside.
In the event of a breakout, Bitcoin could take a run at $9,700 levels before any pullback. The second major resistance level at $9,718 would likely cap any upside, however.
Failure to avoid a fall through the $9,296 pivot would bring support levels into play.
A pullback through to sub-$9,200 levels would bring the first major support level at $9,095 into play.
Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$8,900 levels. The 23.6% FIB of $8,900 should limit any downside in the week.
At the time of writing, Bitcoin was down by 0.20% to $9,297.6. A mixed start to the week saw Bitcoin rise to an early Monday high $9,330.0 before falling to a low $9,286.7.
Bitcoin left the major support and resistance levels untested at the start of the week.
Cardano’s ADA
Cardano’s ADA rallied by 29.24% in the week ending 12th July. Following on from a 22.23% breakout from the previous week, Cardano’s ADA ended the week at $0.12694.
It was another particularly bullish week for Cardano’s ADA.
Cardano’s ADA rallied from a Monday intraweek low $0.095226 to a Wednesday intraweek high $0.14087.
Steering clear of the major support levels, Cardano’s ADA broke through the major resistance levels.
More significantly, Cardano’s ADA broke through the 23.6% FIB of $0.1125 to hit $0.14 levels for the 1st time since August 2018.
A 2nd half of the week pullback saw Cardano’s ADA fall through the third major resistance level at $0.13955 and second major resistance level at $0.11644.
Finding support at the first major resistance level at $0.10732, Cardano’s ADA bounced back to $0.1280 levels before easing back.
5 days in the green, that included an 11.88% surge on Tuesday and a 10.45% rally on Wednesday delivered the upside for the week. It was a 4th consecutive weekly gain for Cardano’s ADA.
For the week ahead
Cardano’s ADA would need to avoid a fall through the $0.1210 pivot to support a run at the first major resistance level at $0.1468.
Support from the broader market would be needed, however, for Cardano’s ADA to breakout from last week’s high $0.14087.
Barring another extended crypto rally, the first major resistance level and last week’s high would likely cap any upside.
In the event of another breakout, the second major resistance level at $0.1667 and 38.2% FIB of $0.1652 could come into play.
Failure to avoid a fall through the $0.1210 pivot could see Cardano’s ADA cough up gains from last week.
A pullback through the 23.6% FIB of $0.1125 would bring the first major support level at $0.10116 into play.
Barring an extended broader-market sell-off, however, Cardano’s ADA should steer well clear of sub-$0.090 levels. The second major support level sits at $0.07537.
At the time of writing, Cardano’s ADA was up by 2.72% to $0.13039. A bullish start to the week saw Cardano’s ADA rise from an early Monday low $0.12609 to a high $0.13295.
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
More From FXEMPIRE:
European Equities: A Lack of Stats Leaves COVID-19 and Geopolitics in Focus
The Week Ahead – COVID-19, Earnings, the Economic Calendar, and Trump in Focus
Geopolitics, COVID-19 News, FED Chair Powell, and BoE Governor Bailey in Focus
USD/JPY Fundamental Weekly Forecast – Trader Reaction to 106.706 Sets the Tone; BOJ Stands Pat
