Bitcoin and Cardano’s ADA – Weekly Technical Analysis – September 28th, 2020

Bob Mason
·4-min read

Bitcoin

Bitcoin fell by 1.21% in the week ending 27th September. Partially reversing a 5.84% gain from the week prior, Bitcoin ended the week at $10,803.0.

It was a mixed but bearish start to the week. Bitcoin rose to a Monday intraweek high $11,000.0 before hitting reverse.

Coming up short of the first major resistance level at $11,327, Bitcoin slid to a Wednesday intraweek low $10,152.0.

Bitcoin fell through the first major support level at $10,401 before breaking back through to $10,800 levels.

Following a 4.78% rally on Thursday to $10,800 levels, however, Bitcoin fell back to sub-$10,600 levels before steadying.

A move back through to $10,800 levels late on Sunday limited the downside for the week. Resistance at $10,800 pinned Bitcoin back late in the week.

3 days in the red that included a 4.57% slide on Monday delivered the downside for the week. A 4.78% rally on Thursday offset some of the losses from earlier in the week, however.

For the week ahead

Bitcoin would need to avoid a fall through the $10,652 pivot to support a run the first major resistance level at $11,151.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $11,000.

Barring an extended crypto rally, the first major resistance level and resistance at $11,200 would likely pin Bitcoin back.

In the event of a breakout, Bitcoin could test the second major resistance level at $11,500 before any pullback.

Failure to avoid a fall through the $10,652 pivot would bring the first major support level at $10,303 into play.

Barring an extended sell-off, Bitcoin should steer clear of sub-$10,000 levels. The second major support level sits at $9,804.

At the time of writing, Bitcoin was up by 1.11% to $10,922.9. A bullish start to the week saw Bitcoin rise from an early Monday low $11,803.0 to a high $10,986.0.

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

Cardano’s ADA

Cardano’s ADA rallied by 13.31% in the week ending 27th September. Reversing a 6.06% loss from the previous week, Cardano’s ADA ended the week at $0.10123.

It was a bearish start to the week. Cardano’s ADA fell to a Wednesday intraweek low $0.075328 before finding support.

Cardano’s ADA fell through the first major support level at $0.08402 and the second major support level at $0.07869.

Steering clear of sub-$0.075 levels, Cardano’s ADA rallied to a Sunday intraweek high $0.10342.

While breaking back through the major support levels, Cardano’s ADA came up short of the first major resistance level at $0.10577.

4-days in the green that included a 7.94% rally on Thursday, a 17.35% jump on Friday, and a 6.13% gain on Sunday that delivered the upside. A 10.75% slump on Monday limited the upside for the week, however.

For the week ahead

Cardano’s ADA would need to avoid a fall through the $0.09333 to support a run at the first major resistance level at $0.11132.

Support from the broader market would be needed, however, for Cardano’s ADA to break back through to $0.11 levels.

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

In the event of another breakout, Cardano’s ADA could test the 23.6% FIB of $0.1125 and the second major resistance level at $0.12142.

Failure to avoid a fall through the $0.09333 would bring the first major support level at $0.08323 into play.

Barring an extended crypto market sell-off, however, Cardano’s ADA should steer clear of sub-$0.090 levels. The second major support level sits at $0.06523.

At the time of writing, Cardano’s ADA was up by 1.92% to $0.10318. A bullish start to the week saw Cardano’s ADA rise from an early Monday low $0.100685 to a high $0.105996.

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

More From FXEMPIRE: