Cardano surges through doubt in recent times with smart contract announcements; Technical Analysis, BTC, ETH, ADA
- Bitcoin/USD – $50k imminent or pullback first?
- Ethereum/USD retesting daily support?
- Cardano surges through doubt in recent times with smart contract announcements
Bitcoin/USD – $50k imminent or pullback first?
BTC Daily Chart
BTC Weekly Chart
The levels to keep an eye on this week for BTC/USD are approximately 45k which is acting as a floor for price, and 50K which is currently acting as the ceiling.
Since price ranged between the $30K-$40K area for 10 weeks and bears were not able to drop the price any further, my bias is that the “Up Only” movement continues. While Bitcoin could see some sort of pullback before continuation, I am not expecting any major selloff like the one that occurred earlier this year in May.
Bitcoin Bull Scenario
A close above the $49k-$50k resistance area would lead me to believe that Bitcoin would retest all time highs.
Bitcoin Bear Scenario
A close below the $45k area would lead me to believe that a minor pullback would be in the cards. Bulls would not want to lose the $40k area in that scenario.
While we all love the “Up Only” market, pullbacks are healthy for a bull market, and we should position ourselves accordingly in order to take advantage of the pullbacks and BTFD.
Ethereum/USD retesting daily support?
ETH Daily Chart
ETH Weekly Chart
Over the last 4 weeks ETH/USD has managed to rally from weekly support at $1700 to almost $3400. This was almost a 100% increase in just one month. Ethereum has been strong so there is no surprise that we have a down weekly candle this week. I also suspect that candle to be retesting the daily support found at $3.1k. If price can manage to hold over that price on a weekly closing basis, I think that we may see fireworks soon for Ethereum and other altcoins.
Ethereum Bull Scenario
A close above the $3.1K resistance on a weekly closing basis would lead me to believe that Ethereum would be close to retesting previous all-time high levels again.
Ethereum Bear Scenario
A weekly close below the $3.1k level would shift my attention back to the old $2768 support zone and I would position myself accordingly for a pullback into that area.
Cardano surges through doubt in recent times with smart contract announcements! – Bull pick of the week
Over the last 4 weeks $ADA/USD has managed to more than double its price and has almost completely erased the hit it took in May from the sell off. Cardano announcements and talks of a smart contract have pushed price back above the $2 mark!