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Bitcoin and Cardano’s ADA Weekly Technical Analysis – July 27th, 2020

Bitcoin

Bitcoin rose by 7.77% in the week ending 26th July. Reversing a 0.95% decline from the previous week, Bitcoin ended the week at $9,948.4.

It was another bearish start to the week. Bitcoin fell to a Monday intraweek low $9,154.5 before making a move.

Steering clear of the first major support level at $9,055, Bitcoin rallied to a Sunday intraweek high $10,190.

Bitcoin broke through the week’s major resistance levels before falling back to sub-$9,900 levels.

Finding support at the third major resistance level at $9,849, Bitcoin wrapped up the week at $9,900 levels.

5 days in the green that included 2.43% rally on Monday and 2.40% gain on Friday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through $9,764 pivot to bring the first major resistance level at $10,374 into play.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $10,190.

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

In the event of a breakout, Bitcoin could take a run at the second major resistance level sits at $10,800.

Failure to avoid a fall through the $9,764 pivot would bring support levels into play.

A pullback through to sub-$9,500 levels would bring the first major support level at $9,339 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer well clear of sub-$9,000 levels.

At the time of writing, Bitcoin was up by 1.36% to $10,084. A bullish start to the week saw Bitcoin rise from an early morning low $9,944.9 to a high $10,095 on Monday.

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

BTC/USD 27/07/20 Daily Chart

Cardano’s ADA

Cardano’s ADA jumped by 19.80% in the week ending 26th July. Reversing a 2.23% loss from the previous week, Cardano’s ADA ended the week at $0.1487.

It was a bearish start to the week. Cardano’s ADA fell to a Monday intraweek low $0.11492 before finding support.

Finding support at the first major support level at $0.11503, Cardano’s ADA rallied to a Sunday intraweek high $0.162496.

Cardano’s ADA broke through the first major resistance level at $0.13503 and the second major resistance level at $0.14596.

Coming within range of the third major resistance level at $0.16596 and 38.2% FIB of $0.1652, Cardano’s ADA slid back to sub-$0.14 levels.

The pullback saw Cardano’s ADA fall back through the third major resistance level at $0.16596 and second major resistance level at $0.14596.

Finding late support, however, Cardano’s ADA revisited $0.15 levels before easing back. The second major resistance level pinned Cardano’s ADA back on Sunday.

5-days in the green that included a 17.60% rally on Saturday delivered the upside for the week.

For the week ahead

Cardano’s ADA would need to avoid a fall through the $0.1420 pivot to support a run at 38.2% FIB of $0.1652 and the first major resistance level at $0.1691.

Support from the broader market would be needed, however, for Cardano’s ADA to break back through to $0.16 levels.

Barring another extended crypto rally, the first major resistance level and 38.2% FIB would likely cap any upside.

In the event of another breakout, the second major resistance level at $0.1896 and $0.20 levels could come into play.

Failure to avoid a fall through the $0.1420 pivot would bring the first major support level at $0.1216 into play.

Barring an extended broader-market sell-off, however, Cardano’s ADA should steer of sub-$0.12 levels and the 23.6% FIB of $0.1125.

At the time of writing, Cardano’s ADA was down by 1.91% to $0.14583. A bearish start to the week saw Cardano’s ADA fall from an early Monday high $0.15248 to a low $0.14285.

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

ADA/USD 27/07/20 Daily Chart