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Bitcoin and Cardano’s ADA Weekly Technical Analysis – July 20th, 2020

Bob Mason
·4 min read

Bitcoin

Bitcoin fell by 0.95% in the week ending 19th July. Partially reversing a 2.50% gain from the previous week, Bitcoin ended the week at $9,231.2.

It was a bearish start to the week. Bitcoin fell from a Monday intraweek high $9,350 to a Wednesday intraweek low $9,026.6.

Bitcoin fell through the first major support level at $9,095 before finding support in the 2nd half of the week.

3 consecutive days in the green cut the deficit for the week, with Bitcoin recovering to $9,200 levels.

3-days in the red, however, were enough to leave Bitcoin in negative territory for the week.

For the week ahead

Bitcoin would need to move back through the $9,200 pivot to bring the first major resistance level at $9,380 into play.

Support from the broader market would be needed for Bitcoin to break back through to $9,300 levels.

Barring an extended crypto rally, the first major resistance level and last week’s high $9,380 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 $9,526 would likely cap any upside, however.

Failure to move back through the $9,200 pivot would bring support levels into play.

A pullback through to sub-$9,100 levels would bring the first major support level at $9,055 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of the second major support level at $8,879.0. The 23.6% FIB of $8,900 should limit any downside in the week.

At the time of writing, Bitcoin was down by 0.36% to $9,197.9. A mixed start to the week saw Bitcoin rise to an early Monday high $9,238.2 before falling to a low $9,191.2.

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

Cardano’s ADA

Cardano’s ADA fell by 2.23% in the week ending 19th July. Following a 29.24% rally from the previous week, Cardano’s ADA ended the week at $0.12409.

It was a mixed start to the week. Cardano’s ADA rose to a Monday intraweek high $0.1369 before ending the day in the red.

Falling short of the first major resistance level at $0.1468, Cardano’s ADA slid to a Thursday intraweek low $0.1169.

Steering clear of the first major support level at $0.10116, Cardano’s ADA recovered to $0.12 levels to limit the downside.

4-days in the red that included a 3.49% loss on Thursday and 3.01% fall on Friday delivered the weekly loss. A 6.61% rally on Tuesday limited the downside for the week, however.

For the week ahead

Cardano’s ADA would need to move through the $0.1260 pivot to support a run at the first major resistance level at $0.1350.

Support from the broader market would be needed, however, for Cardano’s ADA to break back through to $0.130 levels.

Barring another extended crypto rally, the first major resistance level and last week’s high $0.1369 would likely cap any upside.

In the event of another breakout, the second major resistance level at $0.14596 and $0.15 levels could come into play.

Failure to move through the $0.1260 pivot could see Cardano’s ADA see a 2nd consecutive week in the red.

A pullback through to sub-$0.12 levels would bring the first major support level at $0.1150 and 23.6% FIB of $0.1125 into play.

Barring an extended broader-market sell-off, however, Cardano’s ADA should steer well clear of sub-$0.010 levels. The second major support level at $0.1060 should limit any downside.

At the time of writing, Cardano’s ADA was down by 0.92% to $0.12294. A bearish start to the week saw Cardano’s ADA fall from an early Monday high $0.12444 to a low $0.12267.

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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