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Bitcoin and Cardano’s ADA – Weekly Technical Analysis – July 6th, 2020

Bob Mason
·4-min read

Bitcoin

Bitcoin slipped by 0.45% in the week ending 5th July. Following on from a 1.87% slide from the previous week, Bitcoin ended the week at $9,084.3

It was a bullish start to the week. Bitcoin rose to a Wednesday intraweek high $9,298.0 before hitting reverse.

Falling well short of the first major resistance level at $9,662, Bitcoin fell to a Sunday intraweek low $8,918.0.

Steering clear of the first major support level at $8,722 and the 23.6% FIB of $8,900, Bitcoin wrapped up the week at $9,080 levels.

Bitcoin’s failure to break out from the week’s pivot level at $9,258 led to 4 days in the red. A 1.51% slide on Thursday contributed to a 4th consecutive week in the red.

For the week ahead

Bitcoin would need to move back through $9,111 pivot to bring the first major resistance level at $9,282 into play.

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Support from the broader market would be needed for Bitcoin to break back through to $9,200 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $9,298 would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at $9,500 levels before any pullback. The second major resistance level at $9,480 and resistance at $9,500 would limit any attempted breakout, however.

Failure to move back through the $9,111 pivot could lead to a 5th consecutive week in the red.

A pullback through to sub-$9,000 levels would bring the 23.6% FIB of $8,900 and the first major support level at $8,902 into play.

Barring an extended crypto, however, Bitcoin should steer well clear of sub-$8,500 levels. The second major support level at $8,720 should limit any downside in the week.

At the time of writing, Bitcoin was up by 0.27% to $9,108.5. A mixed start to the week saw Bitcoin fall to an early Monday low $9,075.8 before rising to a high $9,133.5

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

Cardano’s ADA

Cardano’s ADA rallied by 22.23% in the week ending 5th July. Following on from a 2.36% gain from the previous week, Cardano’s ADA ended the week at $0.09821.

It was a particularly bullish week for Cardano’s ADA.

Cardano’s ADA rallied from a Monday intraweek low $0.07933 to a Saturday intraweek high $0.10244.

Steering clear of the major support levels, Cardano’s ADA broke through the first major resistance level at $0.08699 and the second major resistance level at $0.09374.

Falling short of the third major resistance level at $0.10685, Cardano’s ADA slipped back to sub-$0.10 levels on Sunday.

4 days in the green, that included a 16.67% surge on Wednesday delivered the upside for the week. It was a 3rd consecutive weekly gain for Cardano’s ADA.

For the week ahead

Cardano’s ADA would need to avoid a fall through the $0.09333 pivot to support a run at the first major resistance level at $0.10732.

Support from the broader market would be needed, however, for Cardano’s ADA to breakout from last week’s high $0.10244.

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 $0.01164 and 23.6% FIB of $0.1125 could come into play.

Failure to avoid a fall through the $0.09333 pivot could see Cardano’s ADA cough up gains from last week.

A pullback through to sub-$0.090 levels would bring the first major support level at $0.08421 into play.

Barring an extended sell-off, however, Cardano’s ADA should steer well clear of the second major support level at $0.07022.

At the time of writing, Cardano’s ADA was down by 0.27% to $0.09794. A bearish start to the week saw Cardano’s ADA fall from an early Monday high $0.09844 to a low $0.09722.

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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