Analysis of the current state of Bitcoin (BTC) and Cardano (ADA).
Bitcoin
On the daily timeframe, the situation with Bitcoin remains unchanged since yesterday's analysis. The focus now lies on the critical resistance level at $28,000, which has been established based on horizontal trading volumes. A successful breach of this level would signify the continuation of the ongoing local uptrend, whereas a sustained rejection by sellers has the potential to trigger a retest of the recent local lows.
The significance of other support and resistance levels remains unaltered.
BTC chart on the Daily timeframe
On the H4 timeframe, the price successfully tested the resistance zone of $28,200-$28,600 and the support zone of $27,200-$27,600. All other buying and selling ranges identified in the previous analysis remain relevant and applicable.
BTC chart on the H4 timeframe
Cardano
On the daily timeframe, the ADA price underwent a notable test of the resistance zone spanning from $0.38 to $0.4. The subsequent levels to observe for potential seller response include the $0.41 level and the wider range of $0.43-$0.46.
The current support level for ADA is in the range of $0.35-$0.36. Below that, buyer orders are found between $0.316 and $0.336, and at the psychological level of $0.3.
ADA chart on the Daily timeframe
On the H2 timeframe, ADA's price is currently confined within the support level at $0.375 and the resistance level at $0.385. The prevailing uptrend persists, but its progression hinges significantly on BTC's performance.
Buyer orders below the current level are clustered in the ranges of $0.367-$0.372 and $0.35-$0.357. As for resistance levels, robust seller zones are observed in the $0.391-$0.397 range and at the $0.404 level.
ADA chart on the H2 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNcrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNcrypto:
