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


Bitcoin

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
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