Technical Analysis Of Bitcoin, Ethereum And Ada!

BITCOIN ANALYSIS: JULY, 2021

Technical:

Bitcoin is the largest cryptocurrency by market capitalization and most widely used. Here’s the technical analysis of Bitcoin.

Bitcoin has still not recovered since the market crash. It has been consolidating in a narrow channel since Mid-May. The current market value of the giant stands at $33845.57. The market price of Bitcoin has not recovered following China’s ban on mining cryptocurrencies.

The coin is facing immediate resistance at $36093.37. Until it remains below this level, weakness or failure to recover can continue.

Another weakness sign is that it’s trading below its 50-day and 200-day exponential moving average. In addition to that, the moving averages have given a death cross wherein the former has crossed below the latter.

The volumes are showing indecision since no prominent buying or selling volumes are seen. The coin will remain in consolidation until significant volumes are seen.

bitcoin analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is hovering in a very flat range along the neutral region. It is gradually drifting downwards. The RSI currently stands at 46.09. It can remain sideways for a while.

The MACD is slightly above the signal line, giving a ‘buy’ call to investors. The technical analysis of Bitcoin suggests a sideways to bullish bias.

bitcoin RSI MACD
Source: tradingview

Conclusion:

On the breakdown and close below $32153.84, $30030.48 and $28714.58 are the targets on the downside. Below $28000, Bitcoin could see a free fall to $20000 levels.

On the breakout and close above $36093.37, $38099.14 and $40534.18 are the targets on the upside.

Investors can look to accumulate Bitcoin if it sustains above the lower trendline. The technical analysis of Bitcoin hints that once it breaks the resistance, it can test new all-time highs.

ETHEREUM ANALYSIS: JULY, 2021

Technical:

Ethereum is the second largest cryptocurrency by market capitalization. It was developed by Vitalik Buterin. Here’s the price analysis of Ethereum.

Ethereum is trading near a minor support level at $2119.73. It has been trading in a consolidating range, forming a descending triangle formation. This pattern is a textbook bearish pattern. However, the recovery in the overall market may help Ethereum to break this range.

The long-term trend remains bullish since it is trading above its 200-day exponential moving average. The 50-day exponential moving average is acting as an immediate resistance.

The volumes are decreasing near the support levels. This implies that the power of sellers is decreasing. There may be some hope for the coin if it sees a reversal from the support area.

ethereum analysis
Source: tradingview

Market Sentiment:

The Relative Strength Index is showing neutral signs. It is almost flat near the neutral region showing indecisiveness.

It is currently positioned at 46.82, with no clear direction to proceed.

The MACD is above the signal line, giving a ‘buy’ call to investors.

ethereum rsi macd
Source: tradingview

Conclusion:

On the breakdown and close below $2089.28, $1986.79 and $1727.12 are the targets on the downside.

On the breakout and close above $2328.53, $2626.88 and $2878.15 are the targets on the upside.

Investors can accumulate Ethereum if it sustains above the support zone. The long-term view remains bullish for the coin.

CARDANO ANALYSIS: JULY, 2021

Technical:

Cardano is a proof-of-stake blockchain technology built through evidence-based methods. Here’s the price analysis of cardano.

Cardano is trading at $1.34. It is right in the center of its support range. The said range is from $1.24 to $1.37. The coin has formed a symmetrical triangle pattern on the daily time frame.

However, a worrisome sign is the sheer lack of volumes. Neither the bearish volumes nor the bullish ones are near the average volumes on a daily basis.

The long-term trend remains bullish since it is trading above the 200-day exponential moving average. The immediate resistance is at the 50-day exponential moving average.

Market Sentiment:

The Relative Strength Index is showing mild price strength as it is rising gradually. It stands at 45.97, with a potential to go higher provided that volumes are seen.

The MACD is above the signal line, giving a ‘buy’ call to investors.

Both indicators are hinting at a possible reversal from the support region. Investors can accumulate this quality coin if signs of bullish reversals are seen.

cardano rsi macd
Source: tradingview

Conclusion:

On the breakout and close above $1.38 on daily time frame, $1.55 and $1.70 are the targets on the upside.

On the breakdown and close below $1.29, $1.24 and $0.99 are the targets on the downside.

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