Bitcoin and Cardano’s ADA Weekly Technical Analysis – July 13th, 2020


Bitcoin rose by 2.50% in the week ending 12th July. Reversing a 1.46% loss from the previous week, Bitcoin ended the week at $9,315.8.

It was a bullish start to the week. Bitcoin rose from a Monday intraweek low $9,075.8 to a Wednesday intraweek high $9,497.2.

Bitcoin broke through the first major resistance level at $9,282 to come up against the second major resistance level at $9,480.0.

Hitting reverse mid-week, Bitcoin fell back through the major resistance levels to $9,133 levels before finding support.

In spite of a choppy end to the week, Bitcoin managed to recover to $9,300 levels on Sunday to close out the week in the green.

4-days in the green that included a 3.05% rally on Monday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall back through $9,296 pivot to bring the first major resistance level at $9,517 into play.

Support from the broader market would be needed for Bitcoin to break out from last week’s high $9,497.2.

Barring an extended crypto rally, the first major resistance level and last week’s high $9,497.2 would likely cap any upside.

In the event of a breakout, Bitcoin could take a run at $9,700 levels before any pullback. The second major resistance level at $9,718 would likely cap any upside, however.

Failure to avoid a fall through the $9,296 pivot would bring support levels into play.

A pullback through to sub-$9,200 levels would bring the first major support level at $9,095 into play.

Barring an extended crypto sell-off, however, Bitcoin should steer clear of sub-$8,900 levels. The 23.6% FIB of $8,900 should limit any downside in the week.

At the time of writing, Bitcoin was down by 0.20% to $9,297.6. A mixed start to the week saw Bitcoin rise to an early Monday high $9,330.0 before falling to a low $9,286.7.

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

This article was originally published on FX Empire
Previous Paypresto will build any kind of transaction for your app, make it easy to pay -
Next Crypto Long & Short: Dogecoin, Market Manipulation and the Downside of a Coinbase IPO