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


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.

This article was originally published on FX Empire
Previous Cryptocurrency ATM Market Emerging Trends, Business Enlargement Plans Forecast 2020-2027 - The Market Records
Next China crypto confusion, new privacy tools: Blockchain roundup · TechNode