Bitcoin – December Starts on a High, the Bulls Now in Need of Momentum

Bitcoin gained 5.02% on Saturday, reversing most of Friday’s 6.56% slide, to end the day at $4,241.3, the recovery taking Bitcoin into positive territory for the current week.

Friday’s reversal continued into the early hours of Saturday, with Bitcoin falling to a mid-morning intraday low $3,964.5, before finding support, the first major support level at $3,870.07 left untested on the day.

A late morning broad based cryptomarket weekend rally of old was needed to pull Bitcoin back through to $4,000 levels, with Bitcoin breaking through the first major resistance level at $4,288.87 to a late afternoon intraday high $4,340 before easing back to $4,200 levels.

For the Bitcoin bulls, support at sub-$4,000 levels has been key over the last 2-days, with a sharp rebound on Saturday morning reflective of the volatility that has returned to the cryptomarket of late, the issue being a lack of direction, with gains being met with losses and vice versa.

Unsurprisingly, there is some investor caution following a particularly dire November, with early profit taking to be expected that could ultimately pin Bitcoin back from a breakout near-term.

The  news wires are unlikely to deliver anything too market positive, with the SEC expected to sit on its hands over the Bitcoin ETF decision, the only possible positive being a ruling by the U.S Department of Justice that there had been no price manipulation during the late 2017 rally that saw Bitcoin come up shy of $20,000 levels.

The cryptomarket’s total market cap recovered to $139.2bn, supported not only by Bitcoin’s recovery, but more significant gains for Litecoin and Cardano’s ADA, with Ethereum managing to close the gap on Ripple’s that continues to hold the number 2 spot.

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At the time of writing, Bitcoin was down 0.04% to $4,239.4, with a bullish start to the day seeing Bitcoin rise to a morning high $4,369.8 before hitting reverse, the day’s first major support level at $4,399.37 left untested early on.

For the day ahead, holding onto $4,200 levels through the morning will be key to support a second weekend rally, with a break through to $4,300 levels bringing the day’s first major resistance level at $4,399.37 and $4,400 levels into play.

The Bitcoin bulls are in dire need of momentum to break clear of sub-$4,000 levels that leaves a lingering possibility of a reversal to sub-$3,000 levels.

Failure to hold onto $4,200 levels could see Bitcoin cough up Saturday’s gains, with a fall through to $4,100 levels bringing the day’s first major support level at $4,023.87 into play before any recovery, though much will depend upon the broader market on whether Bitcoin will once again test sub-$4,000 support levels that have kicked in at the right time till now.

BTC/USD 02/12/18 Daily Chart

Cardano’s ADA Technical Analysis – Bulls Eye $0.045 – 28/11/18

Key Highlights

  • Cardano’s ADA rose by 1.23% on Tuesday, partially reversing a 4.64% fall on Monday, to end the day at $0.037.
  • A bearish start to the day saw Cardano’s ADA fall to an intraday low $0.03412 before recovering, the day’s first major support level at $0.0312 left untested.
  • An afternoon recovery saw Cardano’s ADA move through to an intraday high $0.03797, falling short of the first major resistance level at $0.0411.
  • The extended bearish trend was reaffirmed with Sunday’s new swing lo $0.03307, with Cardano’s ADA also continuing to fall well short of the 23.6% FIB Retracement Level of $0.1169.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA gained 1.23% on Tuesday, partially reversing a 4.64% slide on Monday, to end the day at $0.037.

A bearish start to the day saw Cardano’s ADA ease back from a morning high $0.03702 to a late morning intraday low $0.03412 before finding support from a broad based cryptomarket recovery, the major support levels left untested on the day.

An afternoon recovery saw Cardano’s ADA move through to a late in the day intraday high $0.037971 before easing back, Cardano’s ADA falling short of $0.04 levels and the day’s first major resistance level at $0.0411.

While the day’s gain reduced the deficit for the week, the extended bearish trend, formed at early May’s swing hi $0.38845 remained firmly intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1169 following Sunday’s new swing lo $0.03307.

At the time of writing, Cardano’s ADA was up 5.89% to $0.039181, moves through the early morning seeing Cardano’s ADA rally from a start of a day morning low $0.038118 to a morning high $0.040515 before easing back, the morning rally seeing Cardano’s ADA break through the first major resistance level at $0.0386 and second major resistance level at $0.0402 before pulling back to sub $0.040 levels.

For the day ahead, a move back through to $0.040 levels would support a run at the day’s third major resistance level at $0.0441 before any pullback, with the bulls likely to be eyeing a late run at $0.045 levels, key through the afternoon being a hold onto $0.039 levels.

Failure to hold onto $0.039 levels through the early afternoon could see Cardano’s ADA ease back through the morning low $0.038118 to bring $0.037 levels into play, while we would expect Cardano’s ADA to steer clear of sub-$0.037 levels and the day’s first major support level at $0.0348 barring particularly negative news hitting the wires.

ADA/USD 28/11/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0348

Major Resistance Level: $0.0386

Fib 23.6% Retracement Level: $0.1169

Fib 38% Retracement Level: $0.1688

Fib 62% Retracement Level: $0.2527

Cardano’s ADA Technical Analysis – Slides through Support Levels – 20/11/18

Key Highlights

  • Cardano’s ADA tumbled by 15.5% on Monday, following on from last week’s 19.1% slide, to end the day at $0.0527.
  • The day’s first major resistance level at $0.0638 was left untested with a start of a day intraday high $0.06242.
  • A day long sell-off saw Cardano’s ADA slide through the day’s major support levels to an intraday low $0.05079 before finding support at $0.0500.
  • The extended bearish trend was reaffirmed with a new swing lo $0.05079, with Cardano’s ADA also continuing to fall well short of the 23.6% FIB Retracement Level of $0.1305.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA tumbled by 15.5% on Monday, following on from a 19.1% slide through last week, to end the day at $0.0527.

It was a particularly bearish day at the start of the week, with Cardano’s ADA tracking the broader market in a mass sell-off, sliding from a start of a day intraday high $0.06424 to a late afternoon intraday low and new swing lo $0.05079 before finding support.

The day long sell-off saw Cardano’s ADA fall through the day’s major support levels with relative ease, Cardano’s ADA unable to break back through the day’s third major support level at $0.0567 by the day’s end, support at $0.0500 preventing heavier losses on the day.

A new swing lo $0.05079 reaffirmed the extended bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA falling well short of the 23.6% FIB Retracement Level of $0.1305 and more importantly for the crypto bulls, the 38.2% FIB Retracement Level of $0.1798.

At the time of writing, Cardano’s ADA was up 0.35% to $0.052883, a relatively range bound start to the day seeing Cardano’s ADA rise to a start of a day morning high $0.05375 before easing back to a morning low $0.052, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.05375 to $0.0553 would support a run at the day’s first major resistance level at $0.0598, with Cardano’s ADA lagging the broader market early on, supporting a possible catchup move should sentiment remain positive through the late morning, though we can expect plenty of resistance at $0.060 to pin Cardano’s ADA from more material gains.

Failure to move through the morning high $0.05375 to $0.0553 could see Cardano’s ADA come under pressure later in the day, with a pullback through the morning low $0.052 bringing Monday’s swing lo $0.05079 and sub-$0.050 levels into play before any recovery, the day’s first major support level at $0.0482 likely to prevent a more material reversal in the event of a broad based crypto sell-off later in the day.

ADA/USD 20/11/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0482

Major Resistance Level: $0.0598

Fib 23.6% Retracement Level: $0.1305

Fib 38% Retracement Level: $0.1798

Fib 62% Retracement Level: $0.2595

Cardano’s ADA Technical Analysis – Eyeing Support Levels – 12/11/18

Key Highlights

  • Cardano’s ADA gained 1.99% on Sunday, following a 1.14% rise on Saturday to end the week up 1.21% at $0.077.
  • A late morning rally saw Cardano’s ADA break through the first major resistance level at $0.0767 and second major resistance level at $0.0778 to hit an intraday high $0.07806.
  • An early afternoon sell-off saw Cardano’s ADA slide to an intraday low $0.07422, testing the day’s first major support level at $0.0748 before recovering late in the day.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA gained 1.99% on Sunday, following on from a 1.14% rise on Saturday, to end the day at $0.077, the weekend gains reversing losses from earlier in the week to leave Cardano’s ADA up 1.21% Monday through Sunday.

Recovering from an early morning dip to $0.07472, Cardano’s ADA rallied to a late morning intraday high $0.07806, breaking through the first major resistance level at $0.0767 and second major resistance level at $0.0778 before hitting reverse.

An early afternoon sell-off saw Cardano’s ADA slide to an intraday low $0.07422, calling on support at the first major support level at $0.0748, with a broad based market rally through the late part of the day driving Cardano’s ADA back through to $0.077 levels by the day’s end.

The weekly gain was not enough to shift the extended bearish trend formed back at late April’s swing hi $0.38845, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1379.

At the time of writing, Cardano’s ADA was down 0.39% to $0.076685, with Cardano’s ADA sliding from a start of a day morning high $0.0781 to a morning low $0.076431 before steadying, the early moves leaving the day’s major support and resistance levels left untested early on.

For the day ahead, a move back through the morning high $0.0781 would likely see Cardano’s ADA break through the day’s first major resistance level at $0.0786 to bring $0.080 levels into play before any pullback, though Cardano’s ADA will need to hold onto $0.076 levels through the morning to support a recovery later in the day.

Failure to hold onto $0.076 levels through the morning could see Cardano’s ADA take a bigger hit later in the day, with a pullback through the morning low $0.076431 bringing the day’s first major support level at $0.0748 into play before any recovery, the day’s second major support level at $0.0726 unlikely to be tested barring a broad based market sell-off hitting Cardano’s ADA later in the day.

ADA/USD 12/11/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0748

Major Resistance Level: $0.0786

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

Can Ripple’s XRP and xRapid Mount a Bitcoin Challenge?

An uneventful start to the week saw Bitcoin back in the tight ranges, with Bitcoin falling by 0.33% on Monday, partially reversing Sunday’s 1.6% gain, to end the day at $6,470.2.

The highlight of the day came at the start of the day for Bitcoin, with Bitcoin coming up against strong resistance at $6,500 once more with an intraday high $6,500.6, before easing back to a range bound day that saw Bitcoin steer well clear of the day’s major support and resistance levels.

In stark contrast, while Bitcoin Cash saw investors lock in profits from the previous day’s rally, it was Ripple’s XRP that grabbed the limelight, a 6.66% rally seeing Ripple’s XRP take back $0.50 levels, with the upward momentum coming, not from regulatory talk or the possibility of inclusion into one of the more prominent exchanges, but from product differentiation.

Unlike Bitcoin and Bitcoin Cash for that matter, the Ripple’s team has had numerous successes and, while there has been some clear guidance on the fact that many of the Ripple products have little to no impact on the value of XRP, the adoption of xRapid is touted to have a material influence on coin value.

When factoring in the Ripple team’s ongoing successes, the reality is that xRapid may well have similar success in the real world, supporting the upbeat forecasts for Ripple’s XRP and perhaps the time is ripe for Ripple’s XRP to finally make a more significant and long lasting challenge for the number 2 spot.

In fact, it wasn’t too long ago, in financial market timelines, that there had been talk of Ripple’s XRP challenging Bitcoin for the top spot.

When looking at today’s market caps, there’s a long way to go for a challenge for the top spot and Bitcoin remains safe for now, particularly as hopes persist of a Bitcoin ETF delivering institutional money to Bitcoin.

When considering product differentiation and success, one does wonder whether the smart money would prefer to move elsewhere, Bitcoin still considered an unviable alternative to fiat money.

Interestingly, on the odd occasion, where product differentiation is the key driver through the day, a number of cryptocurrencies stand out alongside Ripple’s XRP, one in particular being Stellar’s Lumen.

At the time of writing, Ripple’s XRP and Stellar’s Lumen are up 5.62% and by 2.27% respectively to lead the pack alongside Cardano’s ADA that has also found support at the expense of both Bitcoin and Bitcoin Cash that have struggled through the early part of the day.

Volatility may have fallen off a cliff for the likes of Bitcoin, but there appears to be some new found love for the alternatives, with Bitcoin’s dominance now down to 52.2% and that means opportunity at current values.

With Ripple’s XRP market cap now less than $1bn shy of Ethereum’s, it wouldn’t be the first time that momentum kicks in and it may not be too long before it sits behind Bitcoin, though the crypto news wires will need to remain friendly for a sustained challenge to materialise.

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Cardano’s ADA Technical Analysis – Eyeing Resistance Levels – 02/11/18

Key Highlights

  • Cardano’s ADA gained 0.74% on Thursday, following on from a 0.91% rise on Wednesday, to end the day at $0.07117.
  • A fall to an early morning intraday low $0.06949 saw Cardano’s ADA hold above the first major support level at $0.0684 before recovering to $0.07 levels.
  • A late rally saw Cardano’s ADA rise to an intraday high $0.07191 to test the day’s first major resistance level at $0.0719 before easing back.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA gained 0.74% on Thursday, following on from a 0.91% rise on Wednesday, to end the day at $0.07117.

A bearish start to the day saw Cardano’s ADA fall to an early morning intraday low $0.06949, holding above the day’s first major support level at $0.0684 before recovering to $0.07 levels and a relatively range bound morning.

Supported by positive sentiment across the broader market, Cardano’s ADA rallied  in the afternoon to an intraday high $0.07191 before easing back, Cardano’s ADA coming up against the day’s first major resistance level at $0.0719 that pinned Cardano’s ADA back from more material gains on the day.

In spite of 2 consecutive days of gains, the extended bearish trend, formed at late April’s swing hi $0.38845, remained firmly intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1379.

At the time of writing, Cardano’s ADA was up 0.57% to $0.07158, moves through the early morning seeing Cardano’s ADA rise from a start of a day morning low $0.071108 to a morning high $0.07231 before easing back to $0.071 levels, the early rally seeing Cardano’s ADA break through the first major resistance level at $0.0722, while the day’s first major support level at $0.0698 was left untested.

For the day ahead, a move back through $0.0718 would support another move through to $0.072 levels, with Cardano’s ADA likely to break back through the first major resistance level at $0.0722, while falling short of $0.073 levels and the day’s second major resistance level at $0.0733, a hold above $0.0709 needed to support a second rally in the day.

Failure to move back through $0.0718 could see Cardano’s ADA give up the morning gains, a fall through the morning low $0.071108 bringing sub-$0.07 levels and the day’s first major support level at $0.0698 into play before any recovery, with more material losses unlikely barring negative news hitting the wires through the day.

ADA/USD 02/11/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0698

Major Resistance Level: $0.0722

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

Cardano’s ADA Technical Analysis – Support Levels in Play Again – 25/10/18

Key Highlights

  • Cardano’s ADA fell by 0.8% on Wednesday, following a 1.8% slide on Tuesday, to end the day at $0.07518.
  • A bullish start to the day saw Cardano’s ADA move to an intraday high $0.0774 to test the day’s first major resistance level at $0.0777 before hitting reverse.
  • A late in the day intraday low $0.07484 saw Cardano’s ADA steer clear of the day’s first major support level at $0.0736.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA fell by 0.8% on Wednesday, following on from a 1.8% fall on Tuesday, to end the day at $0.07518.

Tracking the broader cryptomarket through the day, Cardano’s ADA rallied in the early hours to a mid-morning intraday high $0.0774 to come against the day’s first major resistance level at $0.0777 before hitting reverse.

A broad based cryptomarket sell-off saw Cardano’s ADA slide through the late morning and afternoon to a late in the day intraday low $0.07484 before recovering to $0.75 levels, Cardano’s ADA managing to hold above the day’s first major support level at $0.0736 through the day.

Wednesday’s 4th consecutive day in the red reaffirmed the extended bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1379, from which a breakout to the 38.2% FIB Retracement Level of $0.1858 would be needed to support a bearish trend reversal.

At the time of writing, Cardano’s ADA was down 0.72% to $0.0747, with moves through the early hours seeing Cardano’s ADA slide from a morning high $0.07555 to an early morning low $0.07368, falling through the first major support level at $0.0742 before finding support to move back through to $0.747 levels.

For the day ahead, a move back through the morning high to $0.0758 would support a run at $0.76 levels to bring the day’s first major resistance level at $0.0767 into play, while $0.077 levels and the second major resistance level at $0.0783 will likely remain out of reach, barring particularly positive news hitting the crypto wires.

Failure to move through to $0.0758 would likely see Cardano’s ADA remain in the red through the day, with a pullback through the day’s first major support level at $0.0742 to the morning low $0.07368 bringing the day’s second major support level at $0.0733 into play before any recovery, with sub-$0.073 support levels unlikely to be in play barring particularly negative news hitting the crypto wires.

ADA/USD 25/10/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0742

Major Resistance Level: $0.0767

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

Cardano’s ADA Technical Analysis – Support Levels in Play – 16/10/18

Key Highlights

  • Cardano’s ADA rallied by 6.89% on Monday, reversing Sunday’s 3.42% slide, to end the day at $0.07653.
  • A start of a day intraday low $0.06968 saw Cardano’s ADA call on support at the first major support level at $0.0697 to recover to $0.07 levels.
  • A broad based cryptomarket rally saw Cardano’s ADA break through the day’s major resistance levels to an intraday high $0.08933 before easing back to $0.07 levels.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA rallied by 6.89% on Monday, reversing Sunday’s 3.42% slide, to end the day at $0.07653.

Tracking the broader market through the early part of the day, Cardano’s ADA recovering from a start of a day intraday low $0.06968 to $0.07 levels, finding support at the first major support level at $0.0697 before the mid-morning price spike across the majors, which saw Cardano’s ADA break through the day’s major resistance levels to an intraday high $0.08933 before easing back.

Sliding back through the third major resistance level at $0.0798 by late morning, Cardano’s ADA was able to hold above the second major resistance level at $0.0760, though holding on could be a challenge when considering the cause of the spike on the day, sentiment across the broader market little changed as investors wait on for the SEC and G20.

The morning spike saw Cardano’s ADA continue to fall well short of the 23.6% FIB Retracement Level of $0.1379, reaffirming the bearish trend formed at late April’s swing hi $0.38845.

At the time of writing, Cardano’s ADA was down 0.33% to $0.07627, with moves through the early morning seeing Cardano’s ADA pullback to a morning low $0.07546 from a start of a day morning high $0.07687, the day’s major support and resistance levels left untested in the early hours.

For the day ahead, a move back through the morning high $0.07687 could see Cardano’s ADA make a move through to $0.77 levels, while Cardano’s ADA would need to break through $0.0785 to bring $0.080 levels into play, which is likely to be a step too far in the event of a broad based market rally, the day’s first major resistance level at $0.0873 unlikely to be tested on the day.

Failure to move back through to the morning high $0.07687 could see Cardano’s ADA fall back further through the day, with a pullback through the morning low $0.07546 bringing sub-$0.74 levels into play before any recovery, the day’s first major support level at $0.0677 unlikely to be untested, barring materially negative news hitting the wires.

The bears will be eyeing Monday’s pre-spike $0.071 levels

ADA/USD 16/10/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0677

Major Resistance Level: $0.0873

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

Cardano’s ADA Technical Analysis – Support Levels in Play – 08/10/18

Key Highlights

  • Cardano’s ADA rallied 3.97% on Sunday, reversing Saturday’s 2.34% slide, to end the day at $0.08476, the day’s gain reducing Cardano’s ADA losses for the week to just 0.32%.
  • An early morning reversal saw Cardano’s ADA fall to an intraday low 0.08032, coming within range of the first major support level at $0.0803.
  • An early afternoon rally saw Cardano’s ADA break through the first major resistance level at $0.0835, with a second rally late in the day seeing Cardano’s ADA break through the second major resistance level at $0.0856 with an intraday high $0.08579.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA rallied by 3.97% on Sunday, reversing Saturday’s 2.34% slide with interest, to end the day at $0.08476. The upside at the end of the weekend saw Cardano’s ADA reduce the week’s deficit to just 0.32%.

A bearish first half of the day saw Cardano’s ADA slide to a late morning intraday low $0.08032, the day’s low coming within range of the day’s first major support level at $0.0801, with the day’s support leading to a second half of a day recovery.

Bucking the trend across the broader market, Cardano’s ADA broke through the day’s first major resistance level at $0.0835 in the early afternoon ahead of a late in the day broad based market rally kicking in.

The late rally saw Cardano’s ADA break through the second major resistance level at $0.0856 to an intraday high $0.08579, before easing back to hold above day’s first major resistance level by the day’s end,

The weekly loss reaffirmed the extended bearish trend formed at early May’s swing hi $0.38845, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.1379.

At the time of writing, Cardano’s ADA was down 0.29% to $0.08449, with Cardano’s ADA pulling back from a start of a day morning high $0.085194 to a morning low $0.08395, before recovering to $0.084 levels, the moves through the early morning leaving the major support and resistance levels untested.

For the day ahead, a hold on to $0.084 levels would support a move back through the morning high $0.085194 to bring the day’s first major resistance level at $0.0869 into play before any pullback, the day’s second major resistance level at $0.0891 unlikely to be in play, unless particularly positive news hits the crypto wires.

Failure to hold on to $0.084 levels could see Cardano’s ADA fall through the morning low $0.08395 to bring the day’s first major support level at $0.08152 into play, while we would expect sub-$0.08 support levels to be left untested barring materially negative news hitting the wires.

ADA/USDT 08/10/18 Daily Chart

Looking at the Technical Indicators

 

Major Support Level: $0.0809

Major Resistance Level: $0.0879

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

Cardano’s ADA Technical Analysis – Eyeing $0.090 Levels – 28/09/18

Key Highlights

  • Cardano’s ADA rallied 8.59% on Thursday, reversing Wednesday’s 2.82 loss, to end the day at $0.086.
  • An early morning reversal saw Cardano’s ADA fall to an intraday low $0.07763, holding above the first major support level at $0.076.
  • A late morning rally saw Cardano’s ADA break through the day’s first major resistance level at $0.0828 and second major resistance level at $0.0865 to a late in the day intraday high $0.0887 before easing back.
  • The extended bearish trend remained intact, with Cardano’s ADA continuing to fall short of the 23.6% FIB Retracement Level of $0.1379.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA rallied by 8.59% on Thursday, reversing Wednesday’s 2.82% fall with interest, to end the day at $0.086.

Tracking the broader market through the early morning, Cardano’s ADA slipped to a late morning intraday low $0.07763 before finding support from the broader market, the day’s low steering clear of the day’s first major support level at $0.076.

A late morning rally continued through the afternoon, with Cardano’s ADA breaking through the day’s first major resistance level at $0.0828 and second major resistance level at $0.0865 to an intraday high $0.0887 before easing back.

In spite of the Thursday rally, Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1379, with the crypto bulls needing a run at the 38.2% FIB Retracement Level of $0.1858 to support the formation of a bearish trend reversal.

At the time of writing, Cardano’s ADA was up 1.05% to $0.0869, with Cardano’s ADA falling from a start of a day morning high $0.08759 to a morning low $0.08466 before finding support and moving back through to $0.086 levels, the moves through the early morning leaving the day’s major support and resistance levels untested.

For the day ahead, a move back through the morning high $0.08759 would support a run at $0.090 levels to bring the day’s first major resistance level at $0.0906 into play. Cardano’s ADA last hit $0.090 levels back on 24th September, which will likely lead to plenty of resistance on any move through to $0.090 levels on the day.

Failure to move back through the morning high $0.08759 could see Cardano’s ADA pullback later in the day, with a fall through the morning low $0.08466 likely to bring sub-$0.080 levels and the day’s first major support level at $0.0795 into play, sentiment across the broader market to dictate the degree of support and whether Cardano’s ADA could see heavier losses.

Holding above 0.084 levels through the morning will likely be the key for Cardano’s ADA through the day.

ADA/USDT 28/09/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0795

Major Resistance Level: $0.0906

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

Bitcoin – Bulls in Search of the Floor as the Bears Retain Control

Bitcoin fall by 2.15% on Tuesday, following a 1.89% decline on Monday, to end the day at $6,443.4, the day’s fall marking a 4th consecutive day in the red.

Negative sentiment across the cryptomarket weighed, with Monday’s late sell-off continuing into Tuesday morning, Bitcoin falling through the day’s first major support level at $6,483.57 to a morning low $6,369.4, calling on support at the second major support level at $6,384.13 to move back through the second major support level to $6,400 levels.

A late afternoon pullback saw Bitcoin slide back through the day’s second major support level at $6,384.13 to an intraday low $6,328 before bouncing back in the final hour.

Contributing to the negative sentiment that has weighed on Bitcoin and the broader market, exception to the rule being Ripple’s XRP, was news of Mt Gox’s bankruptcy trustee selling around 25,000 Bitcoin Cash and Bitcoins, which had been anticipated in the week’s prior.

With little else for investors to go on and concerns continuing to linger over the SEC’s Bitcoin ETF decision and the G20’s planned roll out of unified rules and regulations, there was little incentive for investors to jump back in.

Things were a little different for Ripple’s XRP late in the day on Tuesday, with news of Coinbase looking to changing its listing rules driving Ripple’s XRP back into positive territory, Coinbase having previously refused to list Ripple’s XRP. Hopes are that the change in approach will lead to its inclusion.

The broader market’s losses through the day saw the total market cap pullback to $209.93bn, with Bitcoin’s dominance holding at 53%. For Ripple’s XRP and the run at the number 2 spot by market cap, Tuesday’s late rally narrowed the gap to $1.8bn.

Get Into Cryptocurrency Trading Today

At the time of writing, Bitcoin was down 0.7% to $6,397.7, with Bitcoin reversing Tuesday’s end of day partial recovery in the early hours, falling from a start of a day high $6,443.5 to a morning low $6,382.5 before steadying, the days major support and resistance levels left untested.

For the day ahead, a move back through to $6,400 levels and a hold above $6,450 would support a run at $6,500 levels to bring the day’s first major resistance level at $6,576.33 into play, though for Bitcoin to find strong support through the second half of the day, a move through to $6,450 would be needed by late morning.

Failure to move through the morning high $6,443.5 to $6,450 could see Bitcoin investors face a second wave of selling pressure later in the day, with a pullback through the morning low $6,382.5 bringing the day’s first major support level at $6,319.23 into play before any recovery, Bitcoin unlikely to test sub-$6,300 support levels barring negative news hitting the wires.

It was a sea of red across the majors in the early hours, with Cardano’s ADA and Stellar’s Lumen seeing the heaviest losses at the time of writing, Ripple’s XRP recovering heavier losses from the start of the day.

BTC/USD 26/09/18 Daily Chart

Cardano’s ADA Technical Analysis – Eyeing Resistance Levels – 19/09/18

Key Highlights

  • Cardano’s ADA rallied 8.83% on Tuesday, reversing most of Monday’s 9.18% slide, to end the day at $0.069.
  • A bearish start saw Cardano’s ADA fall to an early intraday low $0.06199, holding above the first major support level at $0.0607.
  • A late morning rally saw Cardano’s ADA break through the first major resistance level at $0.0681 to an intraday high $0.0701 before easing back to sub-$0.07 levels.
  • In spite of the moves through the day, the extended bearish trend, formed at late April’s swing hi $0.38845, remained inta

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA rallied 8.83% on Tuesday, reversing most of Monday’s 9.18% slide, to end the day at $0.069.

A continuation of Monday’s sell-off into the early hours of Tuesday morning saw Cardano’s ADA fall to an early intraday low $0.06199 before recovering, Cardano’s ADA steering clear of the day’s first major support level at $0.0607.

Tracking the broader market, Cardano’s ADA rallied through the late morning to an early afternoon intraday high $0.0701 before easing back, the rally seeing Cardano’s ADA break through the day’s first major resistance level at $0.0681. Resistance at $0.07 was ultimately too great to allow a run at the day’s second major resistance level at $0.0721, leading to a pullback to sub-$0.07 levels by the day’s end.

In spite of the late morning rally and the day’s gains, Cardano’s ADA continued to fall well short of the 23.6% FIB Retracement Level of $0.1379 to leave the extended bearish trend firmly intact, with Cardano’s ADA needing to break through to $0.18 levels to begin forming a bearish trend reversal.

At the time of writing, Cardano’s ADA was down 0.22% to $0.06895 in what’s been a relatively choppy start to the day, Cardano’s ADA falling to a morning low $0.06774 before moving through to a morning high $0.06966, the moves through the early morning leaving the day’s major support and resistance levels untested, with resistance at $0.07 continuing to prove to be a challenge for the crypto bulls.

For the day ahead holding above $0.067 through the morning would support another run at $0.07 levels and the day’s first major resistance level at $0.0721, with positive sentiment across the broader market needing to hold through the morning to support a move into positive territory for Cardano’s ADA.

Failure to hold above $0.067 through the morning could see Cardano’s ADA take another hit later in the day, with a fall through the morning low $0.06774 bringing the day’s first major support level at $0.064 into play before any recovery.

Some caution would be needed in the event of a broad based market sell-off, with Cardano’s ADA more than capable of coughing up Tuesday’s gains should the wires deliver particularly negative news.

ADAUSDT 19/09/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0640

Major Resistance Level: $0.0721

Fib 23.6% Retracement Level: $0.1379

Fib 38% Retracement Level: $0.1858

Fib 62% Retracement Level: $0.2632

Cardano’s ADA Technical Analysis – Hits Support Early – 11/09/18

Key Highlights

  • Cardano’s ADA closed out the day flat on Monday, rising by just 0.01% following Sunday’s 1.56% fall, to end the day at $0.07364.
  • An early morning intraday high $0.07813 came up short of the first major resistance level at $0.0803 before reversing.
  • A day long sell-off saw Cardano’s ADA fall through the day’s first major support level at $0.0729 to an intraday low and new swing low $0.0715 before recovering late in the day.
  • The moves through the day reaffirmed the extended bearish trend formed at late April’s swing hi $0.38845.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA gained just 0.01% on Monday, following Sunday’s 1.56% fall, to end the day at $0.07634.

A bullish start to the day saw Cardano’s ADA look to reverse Sunday’s late sell-off, rising to an early morning intraday high $0.07813, the day’s high falling short of the first major resistance level at $0.0803 before hitting reverse.

Tracking the broader cryptomarket through the morning and early afternoon, Cardano’s ADA slide through the day’s first major support level at $0.0729 to a late afternoon intraday low and new swing low $0.0715 before recovering.

A late recovery saw Cardano’s ADA break back through the first major support level to end the day at $0.076 levels, while the extended bearish trend formed at late April’s $0.38845 remained firmly intact following last week’s in excess of 27% losses.

There’s a long way to go for the bulls to shift sentiment, with a break out from the 23.6% FIB Retracement Level of $0.1463 to the 38.2% FIB Retracement Level of $0.1926 needed for Cardano’s ADA to begin a bearish trend reversal.

At the time of writing, Cardano’s ADA was down 0.49% to $0.073, with an early move from a start of a day $0.07312 seeing Cardano’s ADA move through to an early morning high $0.07486 before hitting reverse, the morning high leaving Cardano’s ADA well short of the first major resistance level at $0.0793.

For the day ahead, a move back through to $0.075 levels would support another run at the day’s first major resistance level at $0.0793 to bring $0.08 levels into play, though for Cardano’s ADA to have a run at $0.08 levels, a move back through and hold above $0.075 would be needed in the earlier part of the day.

Failure to move through and hold above $0.075 could see Cardano’s ADA take a bigger hit later in the day, with the day’s first major support level at $0.0725 very much in play in the early hours. The bears will be eyeing sub-$0.07 levels and the day’s second major support level at $0.0686, though we would expect Cardano’s ADA to find plenty of support to avoid sub-0.07 levels on the day, barring materially negative news hitting the wires.

ADA/USDT 11/09/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0725

Major Resistance Level: $0.0793

Fib 23.6% Retracement Level: $0.1463

Fib 38% Retracement Level: $0.1926

Fib 62% Retracement Level: $0.2674

Cardano’s ADA Technical Analysis – Testing Support – 03/09/18

Key Highlights

  • Cardano’s ADA fell by 2.05% on Sunday, partially reversing Saturday’s 4.71% rise, to end the day at $0.10471.
  • A morning intraday high $0.10757 saw Cardano’s ADA fall short of the day’s first major resistance level at $0.1111.
  • An early afternoon intraday low $0.102 called on support at the day’s first major resistance level at $0.102 to hold off from sub-$0.10 levels.
  • The moves through the weekend led to a 16.3% gain for the week, while the extended bearish trend remained firmly intact.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA slipped by 2.05% on Sunday, partially reversing Saturday’s 4.71% gain, to end the week up 16.3% at $0.10471.

Tracking the broader market through the morning, Cardano’s ADA recovered from a start of a day pullback to a late morning intraday high $0.10757 before hitting reverse, the day’s high falling short of the first major resistance level at $0.1111 and, more importantly, the 23.6% FIB Retracement Level of $0.1561.

The late morning pullback saw Cardano’s ADA fall to an early afternoon intraday low $0.102, calling on support at the day’s first major support level at $0.102 before moving back through to $0.104 levels by the day’s end, with negative sentiment across the broader market pinning Cardano’s ADA back from a move through to $0.11 levels, last struck in mid-August.

In spite of the strong gains for the week, the extended bearish trend formed at late April’s swing hi $0.38845 remained firmly intact, with Cardano’s ADA needing to break through the 23.6% FIB Retracement Level of $0.1561 to $0.20 levels and the 38.2% FIB Retracement Level of $0.2005 to support a bearish trend reversal.

At the time of writing, Cardano’s ADA was down 1.06% to $0.1036, with a reversal across the broader market weighing in the early hours, Cardano’s ADA falling from a start of a day morning high $0.10565 to an early morning low $0.103, to come within reach of the day’s first major support level at $0.102, the day’s first major resistance level at $0.1075 left untested.

For the day ahead, a move back through to $0.1048 would support a move through the morning high $0.10565 to bring the day’s first major resistance level at $0.1075 into play, while we can expect Cardano’s ADA to struggle to break through to $0.11 levels in the event of a second half of a day rebound.

Failure to move back through and hold above $0.1048 through the morning could see Cardano’s ADA pullback through the first major support level at $0.102 to sub-$0.10 levels, with the day’s second major support level at $0.0992 in play should investor sentiment fail to improve and Cardano’s ADA slide through the first major support level amidst the current cryptomarket sell-off.

ADA/USDT 03/09/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.1020

Major Resistance Level: $0.1075

Fib 23.6% Retracement Level: $0.1561

Fib 38% Retracement Level: $0.2005

Fib 62% Retracement Level: $0.2723

Cardano’s ADA Technical Analysis – Support Levels in Play – 24/08/18

Key Highlights

  • Cardano’s ADA gained 2.16% on Thursday, partially reversing Wednesday’s 4.54% slide, to end the day at $0.09255.
  • An early morning pullback to an intraday low $0.08817 saw Cardano’s ADA hold above the day’s first major support level at $0.0848.
  • A second half of a day move, saw Cardano’s ADA move back through to $0.90 levels, with an intraday high $0.094, the day’s high falling short of the first major resistance level at $0.0987.
  • The gains left Cardano’s ADA down 8.46% for the current week, the extended bearish trend firmly intact.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA gained 2.16% on Thursday, partially reversing Wednesday’s 4.54% relief rally, to end the day at $0.09255.

A pullback at the start of the day saw Cardano’s ADA fall from $0.091322 to a mid-morning intraday low $0.08817, before recovering through to $0.09 levels in the early afternoon, the day’s low holding above the day’s first major support level at $0.0848.

Tracking the broader market, an afternoon move saw Cardano’s ADA hit an intraday high $0.094, falling short of the day’s first major resistance level at $0.0987 and $0.1 levels.

The extended bearish trend, formed at late April’s swing hi $0.38845, remained firmly intact, with Cardano’s ADA continuing to fall well short of the 23.6% FIB Retracement Level of $0.2005.

At the time of writing, Cardano’s ADA was down 1.09% to $0.091, with Cardano’s ADA pulling back from a start of a day morning high $0.09255 to an early morning low $0.090624 before steadying at $0.091 levels, Cardano’s ADA tracking the broader cryptomarket in the early hours.

The moves through the morning saw Cardano’s ADA steer clear of the first major resistance level at $0.095 and first major support level at $0.0891, as the markets consider which way the SEC will go on its review of Thursday’s Bitcoin ETF rejections.

For the day ahead, a move back through the morning high $0.09255 would support a run at $0.93 levels to bring the day’s first major resistance level at $0.095 into play, though for Cardano’s ADA to break through to $0.095 levels, sentiment across the broader market will need to improve, Bitcoin likely to be the market barometer on the day.

Failure to move back through the morning high to $0.093 levels could see Cardano’s ADA take a bigger hit later in the day, with a pullback through the morning low $0.090624 bringing sub-$0.09 levels and the day’s first major support level at $0.0891 into play, the day’s second major support level at $0.0857 in play should the markets get hit with negative news from the SEC later in the day.

ADAUSDT 24/08/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0891

Major Resistance Level: $0.0950

Fib 23.6% Retracement Level: $0.1561

Fib 38% Retracement Level: $0.2005

Fib 62% Retracement Level: $0.2723

Cardano’s ADA Technical Analysis – Support Levels in Play – 16/08/18

Key Highlights

  • Cardano’s ADA gained 0.35% on Wednesday, following Tuesday’s 7.09% sell-off, to end the day at $0.09427.
  • An early morning intraday high $0.10084 saw Cardano’s ADA break through the first major resistance level at $0.0983 before easing back.
  • The lack of a sell-off to sub-$0.09 levels supported a later afternoon break back through the first major resistance level at $0.0983 to another $0.10084 high before easing back to $0.09 levels by the day’s end.
  • A late intraday low $0.09329 saw Cardano’s ADA steer clear of the first major support level at $0.0869.

How to Buy Cardano’s ADA

Cardano’s ADA Price Resistance

Cardano’s ADA gained just 0.35% on Wednesday, following Tuesday’s 7.09% slide, to end the day at $0.09427.

An early morning break through the first major resistance level at $0.0983 to an intraday high $0.10084 came off the back of upward momentum from late Tuesday spilling into the early hours of Wednesday, ultimately leading to a pullback to $0.09 levels.

Resistance at $0.1 was considered to be on the stronger side throughout the day, with a late afternoon rally seeing Cardano’s ADA break back through the first major resistance level at $0.983 to strike another intraday high $0.10084 before pulling back to $0.90 levels late in the day.

The late reversal saw Cardano’s ADA hit an intraday low $0.09329 before partially recovering, the morning low steering well-clear of the first major support level at $0.0869 and, more importantly, sub-$0.09 levels after striking a new swing lo $0.843 on Tuesday.

Cardano’s ADA continued to fall well-short of the 23.6% FIB Retracement Level of $0.1561 and $0.20 levels needed for a near-term bullish trend formation, Tuesday’s new swing lo adding to the bearish sentiment.

At the time of writing, Cardano’s ADA was down 0.39% to $0.09314, with a choppy start to the day seeing Cardano’s ADA slide to a morning low $0.09138, to call on support at the first major support level at $0.0914 before recovering to $0.093 levels.

The early pullback came from a continuation of Wednesday’s late in the day reversal, with direction through the late morning key to what lies ahead for Cardano’s ADA on the day.

A move through a morning high $0.095 to $0.096 levels would support a run at the first major resistance level at $0.099 to bring $0.10 levels and the second major resistance level at $0.1037 into play, though Cardano’s ADA will need to hold on to $0.093 levels through the morning to support a move later in the day.

Failure to hold on to $0.093 levels and a move through to $0.096 levels could see Cardano’s ADA take a hit later in the day to bring the day’s first major support level at $0.0914 and sub-$0.09 levels into play, negative sentiment towards the crypto majors expected to pin back Cardano’s ADA from significant gains on the day.

ADA/USDT 16/08/18 Daily Chart

Looking at the Technical Indicators

Major Support Level: $0.0914

Major Resistance Level: $0.099

Fib 23.6% Retracement Level: $0.1561

Fib 38% Retracement Level: $0.2005

Fib 62% Retracement Level: $0.2723

Looking Beyond Hype into Substance; 4 Blockchain Projects to Consider

Smart contracts, Decentralized organizations, and Decentralized applications are some of the biggest applications of blockchain technology. Ethereum, the second largest blockchain after Bitcoin arose into prominence because of its usefulness as a tool for powering smart contracts. In fact, many industry experts believe that Ethereum has better long-term prospects than Bitcoin because of its potential for driving enterprise-grade applications of blockchain technology.

However, Ethereum has had its reign; and its flaws, weaknesses, and limitations are becoming more obvious. Now, a new breed of DApps blockchain projects are in the market and they have the potential to succeed where Ethereum has failed in the past.

Many of the 1600 coins/tokens in the market lack much substance beyond their shiny whitepapers and landing pages. QTUM, NEM, NEO, and Cardano are some of the most innovative blockchain developments in the industry right now. These coins promise a blockchain revolution that combines what currently exists with innovations that have never existed before.

DApps platforms have differentiated themselves from the general cryptocurrency market by providing developers with the tools they need to build blockchain-based apps or decentralized apps (DApp) to some of the biggest problems in business. This piece provides insight to buy the dip on projects with decent odds of getting on the fast track out of the current weakness in the cryptocurrency market.

QTUM

QTUM brands itself as “Blockchain made ready for business” as it provides users a toolbox for building DApps that can be executed on mobile devices while being fully compatible with major existing blockchain platform. QTUM also promises blockchain at scale because it has found smart ways to bypass the scalability bottlenecks and server overload problems that have restrained the mass-market adoption of Blockchain technology. QTUM has an innovative cross-platform and backward compatibility model that leverages the stability of Bitcoin the existing smart contract architecture of the Ethereum blockchain.

QTUM is suffering the bear hug like other cryptocurrencies but the current weakness in the market might be an interesting opportunity to buy QTUM at a discount.

From a starting price of around $6.42 on May 24, 2017, QTUM had skyrocketed by an incredible 1,511% to a 52-week high of $103.45 on January 7, 2018. Hence, the current trading price suggests a massive upside ahead if QTUM can find its way back.

Of course, no one could say with any degree of certainty if, why, and when QTUM will find its way back towards its highs. Positive news about QTUM such as the launch of the X86 virtual machine could trigger an uptrend. Upbeat developments in the general cryptocurrency industry could also lift QTUM and other coins back to bullish ways.

NEM

NEM is being marketed as “the smart asset blockchain” built for scale, speed, and performance through its permissioned private blockchains that deliver best-in-class transaction rates. One of the key selling points of NEM is that it offers users an unprecedented level of customization through its modular Smart Asset system. NEM is also proactive about being scalable by leveraging a revolutionary Proof of Importance consensus mechanism NEM also has a Supernode program that keeps its blockchain open without putting the stability of the network as risk as the blockchain continues to grow.

In the year-to-date period, NEM has declined from a trading price of around $1.04 in January to it trading price around $0.10.

Cardano

Cardano is an interesting blockchain and cryptocurrency project that bill itself as a blockchain platform that “evolved out of a scientific philosophy”. Cardano is working on building a smart contract platform outfitted with more advanced features than you can find in any of the blockchain projects in the market. Cardano is also the driving force behind the Ada cryptocurrency which you can use to send and receive funds digitally. Cardano set itself apart from the competition by creating a platform for building and running financial applications on the blockchain.

Cardano has also suffered a reversal of much of its 2017 gains. Cardano has declined from a trading price of $0.70 to its current trading price around $0.09.

NEO

NEO is another interesting blockchain project focused on creating an open network for powering the smart economy. The bulk of NEO’s work is targeted at leveraging blockchain technology to activate digitization of assets and manage such assets with smart contracts. NEO believes that combining digital assets with a digital identity and smart contracts is the perfect alchemy.

NEO is also not faring well either in the cryptocurrency market. NEO is trading around $15.5 down the $76.19 trading price at which it started trading this year.

Cryptocurrencies Crash Continues; Bitcoin’s Bulletproof Bottom at $6000?

The cryptocurrency market has started the current week with an impressive decline. The total market cap fell by 12% to $ 192 billion a day, which is less than 25% of the peak market volume at the beginning of the year. The Bitcoin once again came to the threshold level at $6000 losing more than 6% in the past 24 hours.

The leading altcoins show a two-digits sell-off: Ethereum (ETH) has lost more than 17%, XRP fell by 14.5%, Cardano (ADA) and IOTA (IOT) have plummeted more than any other major cryptocurrency by almost 20%.

As we take a look at the BTC chart for this year, we can see that the cryptocurrency showed lower lows and lower highs until the BTC level reached the current mark somewhat below $6000, which seems a strong support level.


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$6000 mark could become the solid support with possible reverse

From a technical analysis perspective, the situation looks ambiguous. The Bitcoin returned to the area of its lows where it received support in February, March-April, and June. Another rebound from this area could start a significant rally, having established as a bulletproof bottom.

The RSI index also came out of the oversold levels, which often increases the chances for a rebound. Despite the weakness of the market, this scenario looks the most plausible at the moment.

Alternatively, the drawdown lower than the previous levels near $5800 could give an impulse for a new sell-off wave. In this case, BTC would expect a decline to $3300 level due to a significant liquidation of long positions.

Volatility in the traditional markets does not cause the demand for cryptocurrencies, as it was a year ago, despite the twofold increase in trade volumes on the Turkish exchanges. In general, the world becomes a witness of a massive diminishing of the interest in cryptocurrencies.

This article was written by FxPro

Cardano’s ADA Technical Analysis – Support Buckles – 08/08/18

Key Highlights

  • Cardano’s ADA fell by 3.7% on Tuesday, following on from Monday’s 0.67% decline, to end the day at $0.12476.
  • A morning rally saw Cardano’s ADA come within reach of the first major resistance level at $0.13.49 with an intraday high $0.1329.
  • Tracking the broader market, a late sell-off saw Cardano’s ADA fall through the first major support level at $0.1255 to an intraday low $0.123.

How to Buy Cardano’s ADA

Cardano’s ADA Price Support

Cardano’s ADA fell by 3.7% on Tuesday, following on from Monday’s 0.67% fall, to end the day at $0.12476, the only positive for the day being a hold above 29th June’s swing lo $0.11319.

Through the first half of the day, Cardano’s ADA found plenty of support, rising to an early afternoon intraday high $0.1329 that fell short of the day’s first major resistance level at $0.1349, before a news wire driven market sell-off saw Cardano’s ADA take a tumble late in the day.

Cardano’s ADA slid from $0.13 levels to an intraday low $0.123, the reversal seeing Cardano’s ADA slide through the day’s first major support level at $0.1255 to come within reach of the second major support level at $0.1215 before finding some support to move back through to $0.124 by the day’s end.

The moves through the day reaffirmed the bearish trend formed back at 29th April’s swing hi $0.38845, with the bears building a solid distance between current levels and the 23.6% FIB Retracement Level of $0.1782, which is the bulls’ first target to begin forming a bearish trend reversal.

At the time of writing, Cardano’s ADA was down 6.88% to $0.11618, with Tuesday’s late in the day sell-off seeing Cardano’s ADA slide through the day’s first major support level at $0.1209 and second major support level at $0.1170 to a morning low $0.1154, Cardano’s ADA holding just above late June’s swing lo $0.11319.

For the day ahead, a move back through the first major support level at $0.1209 to $0.1269 would support a run at $0.13 levels to bring the first major resistance level at $0.1308 into play, though sentiment across the broader market will need to materially improve, mid-morning moves giving little chance of an early afternoon rebound.

Failure to break back through to $0.12 levels will likely see Cardano’s ADA take a bigger hit later in the day, with a pullback through late June’s swing lo $0.11319 bringing the day’s third major support level at $0.1071 into play should the sell-off not abate by late morning.

While the broader market has seen the sell-off ease, moving back through the major support levels will be key to any recovery in the day, any range bound moves through the middle of the day likely to weigh.

ADA/USDT 08/08/18 4-Hourly Chart

Looking at the Technical Indicators

Major Support Level: $0.1209

Major Resistance Level: $0.1308

Fib 23.6% Retracement Level: $0.1782

Fib 38% Retracement Level: $0.2184

Fib 62% Retracement Level: $0.2833

All the Ways to Backup Your Bitcoin Wallet

Bitcoin and other cryptocurrencies allow for the decentralization of the entire financial situation. One of the consequences of that is that you get to be your own bank. Rather than letting a bank look after your money – and charge you a fortune for doing so – you can look after your own crypto assets. But that also means you must take responsibility for the security of your digital currencies.

Unfortunately, there are dishonest people out there doing everything they can to get hold of your wealth. As more people are buying and storing cryptocurrencies, hackers have more incentive to try to hack every device they can to steal those digital assets. They are also becoming more sophisticated over time.

All this means you need to take secure storage of your digital assets seriously. It also means that whatever method of storage you decide on, you need a backup of your wallet, and you need to know how to recover your wallet.

Cryptocurrencies are going to be an increasingly important part of our future, and it’s important to develop a habit of securing your digital assets properly and knowing what to do if a device fails, or if it’s stolen.

To help you navigate the options and some of the confusing jargon that comes with them, we have put this guide together.

Contents

Terminology

First, let’s define some of the key terms you will come across when you buy, sell or store Bitcoin:

Wallet: A wallet is used to store private and public keys. A wallet can be compared to a bank account, a credit card, or even the wallet in your pocket. However, unlike these, a crypto wallet doesn’t actually store your Bitcoin, but rather the keys you use to access your Bitcoin.

Public Key: A public key is like a bank account number. This is the address another sender will use to send Bitcoin to you.

Private Key: A private key is required to access your Bitcoin. In order to send Bitcoin from your wallet, you will require the private and public keys.

Software wallet: A software wallet is a wallet that you download to a PC, notebook, or mobile device.

Popular Bitcoin Software Wallets include:

  • For Windows: Bitcoin Core, Electrum, ArcBit, Armory
  • For Android: Bitcoin Wallet, Bither, Edge, Electrum, Airbitz
  • For iOS: Edge, Green Address, Bither

Hardware wallet: A hardware wallet is a device similar to a USB stick that allows you to store your keys offline.

Popular hardware wallets include: Trezor, Ledger Nano S, KeepKey

Hot wallet: A hot wallet is any wallet that is online. This can be a software wallet on your own devices, or a wallet hosted on an exchange or elsewhere in the cloud.

Cold Wallet: A cold wallet is an offline wallet. Cold storage means either keeping your keys on hardware wallet or printed on a piece of paper, stored in a safety deposit box or hidden somewhere.

Backup: A backup is a file containing your private and public keys which will allow you to restore your wallet if you lose a device or if your hard drive is damaged.

Which Wallet Is Right for You?

Your choice of wallet comes down to the trade-off between security and convenience. The easiest way to store Bitcoin is on an exchange. However, this is also the least secure method. When your cryptocurrencies are stored on an exchange, you do not have control of your keys. If the exchange is hacked, the hackers can steal the assets belonging to all the exchange’s clients, including yours.

At the other end of the spectrum are hardware wallets and paper wallets. If your assets are stored offline, hackers can’t get hold of them. But this also means you need to take full responsibility for storing your keys where nobody can get them.

If you own very little in the way of Bitcoin, an exchange is probably the way to go. If losing your Bitcoin would be a big problem, a software wallet is a better option. And, if your crypto assets are worth a considerable amount, you’ll want to keep the bulk of those assets offline, either on a hardware wallet, or a securely stored paper wallet.

All the Ways to Back up Your Bitcoin Wallet

One of the disadvantages of decentralized ledgers is that you cannot retrieve a lost password. If you lose the password to the website, or if you forget the PIN code for a bank account, there is always a way to reset that password.

Public keys are like a bank account numbers on a blockchain, and private keys are the passwords to access those accounts. The problem is that if you lose either, there is no one to turn to. If you lose the device that stores those keys, they are gone forever, and so are your Bitcoin. Therefore, you must always back up your wallet.

There are several ways to back up your wallet, the following being the most popular:

Seed phrase: Most wallet software does include a recovery process. The software will generate a seed phrase, which you need to write down and store somewhere safe. If for whatever reason, you lose your wallet, you can use this phrase to recover it.

A seed phrase will look something like this:

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The words need to be in the exact order they are generated. For most wallets, if you lose your password, it cannot be recovered or reset, however, if you do lose the password, you can recover the wallet using the seed phrase.

Text File: Software wallets have a function that allows you to export your keys. On some wallets, the function is labeled backup wallet, while on others it is labeled export keys. When making backup files, it’s a good idea to disconnect your computer from the internet before doing so.

On the Electrum wallet, the function is under Wallet > Private Keys > Export and looks like this:

Electrum wallet – Exporting private keys
Electrum wallet – Exporting private keys

Once you click on Export, you will be able to choose between a CSV file or a JSON file, and then choose the drive to send it to.

The file that will be generated is a text file containing all your public and private keys. Remember that once you have that file on your computer, anyone who has access to it has access to all your Bitcoin. As soon as you have created a backup file you should move it somewhere secure, encrypt it (see below), or delete the contents of the file. If you delete the file, go to your Recycle Bin and delete it there too – that’s one of the first places hackers will look for valuable information.

Copy Wallet.dat Files: The other way to make a digital copy of your wallet, is to copy the file the wallet uses to store the keys. Each software wallet stores the file in a slightly different location on your PC, so look at the documentation to find it.

The Electrum wallet stores this file on Windows as follows:

\Users\YourUserName\AppData\Roaming\Electrum\wallets (or %APPDATA%\Electrum\wallets)

For Apple and Linux operating systems you can search for: ~/.electrum

You will probably have to make sure hidden files are being shown to find it.

Paper Copy: One of the safest ways to store your keys is to make a paper copy. Disconnect your computer from the internet and print out the file. Then cover the paper with foil (so it cannot be viewed against a light source), and seal it in an envelope. This should be hidden somewhere, or stored in a safety deposit box or a safe. Once you have done this, remember to delete the file you printed from your computer

How to Encrypt a Digital File

If anyone can open a digital backup file, they have access to all your keys, and therefore all your Bitcoin. For this reason, it’s a good idea to encrypt the file with a password.

When it comes to encrypting a file, there are several options. Most operating systems have a built-in encryption function that is secure enough for most people’s needs.

If you want to use the best encryption possible you can download encryption software from VeraCrypt, AxCrypt or a similar provider. This software allows you to choose between several methods of encryption. You can usually choose between 128 and 256-bit encryption and you can to use two-factor encryption too.

Where Should You Store Your Backup Files?

If you have made a digital backup file (preferably encrypted) you will need to store it somewhere. There are a couple of options for storing these files. Remember, there is little point keeping this file on the same devices as the device with the original wallet on it.

You could store it on another PC, notebook, or even a mobile phone or tablet. Or you can store it on a USB drive, but not if you are likely to lose the drive. The safest way to store a backup file is on a USB drive in a safety deposit box at a bank, or in a safe.

Digital backup files can also be stored using cloud storage services like Dropbox, One Drive, and others. Some people are skeptical of the level of security offered by the most popular cloud services, so make sure you encrypt files before sending them to the cloud.

Restoring Bitcoin Wallet

Restoring a Bitcoin wallet is easier than it sounds. If you have a seed phrase, you can simply use the ‘Restore’ function. Even if your device is lost or stolen, you can download a new wallet on another device, and restore it using the seed phrase.

Simply look for the ‘Restore’ function in the menu, and follow the instructions.

Electrum wallet – Restoring Private Keys
Electrum wallet – Restoring Private Keys

To restore a wallet using the wallet.dat file, simply replace the default wallet file on your computer with the backup file you made. It’s as simple as that.

If your backup file is a text file, you will need to log into the wallet interface, create a new wallet, and then copy and paste the keys from your backup text file. Again – it’s as simple as that.

Your Last Will and Testament

There’s one last thing to consider. Another challenge that cryptocurrencies have introduced is inheritance. If, or rather when, we die, if no one else has access to our Bitcoin, it’s impossible for them to be passed on to our heirs. Even if you explicitly state in your will that you are leaving your crypto assets to a spouse or child, without access to your keys, they will have no access to your digital assets.

There are several ways to make sure your heirs can access your private and public keys. Here’s a relatively simple solution: Create a simple text file with all your keys on them. Put the file in an encrypted, password-protected file on a USB stick. Use a different password from all your other passwords for this. Then give the USB stick to a family member and ask them to keep it somewhere secure. Finally, include the password for the file in your will, a copy of which is kept with your solicitor. When you die, the password will be given to your family, and they will have access to the file on the USB stick.

Conclusion

There are two important aspects to remember about storing your Bitcoins. Firstly, you and you alone are responsible for making sure your crypto assets are safe and that they can’t be accessed by hackers. And secondly, if you are securing your assets properly, there is no password recovery option – if you lose your wallet or access to it, your Bitcoins are gone forever.

For this reason, it’s is important to have a process to both secure your keys using a wallet AND backup those keys. Even if you don’t yet have a large Bitcoin holding, it’s worth getting into the habit of doing this thoroughly. Cryptocurrencies will play an increasingly large role in our lives in the future, and storing them properly will only become more important with time.