A Crypto Bull Run in the Making or another False Start?

Cryptomania

Bitcoin slipped by 0.22% on Monday. Following on from a 0.93% fall from Sunday, Bitcoin ended the day at $6,027.9.

A bearish morning saw Bitcoin fall to a late morning intraday low $5,901 before finding support.

The reversal saw Bitcoin fall through the first major support level at $5,960.83.

Finding support from the broader market, Bitcoin recovered to a late afternoon intraday high $6,102 before easing back.

In spite of the return to $6,100 levels, Bitcoin fell short of the first major resistance level at $6,117.13.

For the Bitcoin bulls, a 4th consecutive hold onto $6,000 levels by the day’s end was key. Failing to hold onto $6,100 levels for a 4th consecutive day could be a test down the road, however.

Elsewhere,

Across the top 10 cryptos, it was a mixed bag for the majors. On the positive front, Ethereum logged the largest gain of the day. Having avoided a material sell-off in the early hours of Monday, Ethereum broke through to $170 levels to post a 6.1% gain on the day.

Other notables included Cardano’s ADA, which rose by 1.61% and Ripple’s XRP that ended the day up 0.99%.

On the other end of the table, Binance Coin saw the heaviest losses of the day, sliding by 3.12%. Binance Coin and Ethereum continue to trade blows, with upside for one weighing on the other. Bitcoin Cash ABC and Litecoin also saw red, falling by 2.3% and by 0.96% respectively.

For Ethereum, the gains came off the back of news hitting the crypto wires of regulators planning to approve Ethereum futures. Having previous approved Bitcoin Futures, the CFTC was reported to be willing to approve should all the requirements be met.

As was the case with Bitcoin, which rallied to its 2017 all-time high following the launch of Bitcoin futures, Ethereum could find significant interest in the coming weeks. Much will depend on updates from the CFTC, however.

This Morning,

At the time of writing, Bitcoin was up by 3.49% to $6,238.2. A particularly bullish start to the day saw Bitcoin rally from a morning low $6,028.9 to a high $6,325.0 before easing back.

The early rally saw Bitcoin break through the first major resistance level at $6,119.6 and second major resistance level at $6,211.3. It was Bitcoin’s first visit to $6,300 levels since the November sell-off.

Elsewhere, Ethereum was amongst the front runners, up by 3.69% to $177 levels. An early rally had seen Ethereum strike $180 levels before easing back. Bucking the trend across the top 10 was Binance Coin, which was down by 0.23% in the early hours.

BTC/USD 07/05/19 Daily Chart

For the day ahead

A hold onto $6,200 levels through the morning would bring $6,300 levels back into play later in the day. Support from the broader market would be needed, however, for Bitcoin to breakout from $6,250 levels.

The market will likely be eyeing Ethereum through the day. Further gains could deliver another boost for the broader market later in the day.

We can expect the bulls to be targeting $6,500 levels, though the third major resistance level at $6,412.3 will likely cap the upside on the day.

Failure to hold onto $6,200 levels could see Bitcoin ease back to $6,000 levels before any recovery. Barring a broad-based crypto sell-off, we would expect Bitcoin to steer well clear of the first major support level at $5,918.6.

Altcoins Weekly Analysis – EOS, ETH and XLM – 05/05/19

Crypto00 567

EOS

EOS rallied by 6.98% in the week ending 4th May. Partially reversing an 11.54% slide from the previous week, EOS ended the week at $5.179.

Another bearish start to the week saw EOS fall from a Sunday high $4.9698 to a Monday intraweek low $4.61.

The early in the week sell-off saw EOS hold above the first major support level at $4.4165.

Finding support from the broader market, EOS rallied to a Friday intraweek high $5.4507 before easing back. The rally saw EOS break through the week’s first major resistance level at $5.3757.

A bearish end to the week saw EOS pull back through the first major resistance level to test support at $5.00 before moving back to $5.1 levels.

For the bulls, the lion’s share of the weekly gains came from a 7.2% rally on Tuesday and Friday’s 6.1% gain.

For the week ahead,

A hold onto $5.10 levels through the early part of the week would bring the first major resistance level at $5.55 into play.

Further support from the broader market would be needed, however, for EOS, to break out from last week’s high $5.4507.

In the event of another crypto rally, EOS would likely take a run at the second major resistance level at $5.92. We would expect EOS to continue to fall short of $6.00 levels, however.

Failure to hold onto $5.10 levels could see EOS hit reverse. A fall back through to sub-$5.00 levels would bring the first major support level at $4.7091 into play.

Barring a crypto meltdown, EOS would likely steer well clear of the second major support level at $4.2392 and sub-$4.00 levels.

At the time of writing, EOS was down by 0.09% to $5.1742.

EOS/USD 05/05/19 Weekly Chart

Ethereum

Ethereum rose by 3.93% in the week ending 4th May. Partially reversing a 10.41% tumble from the previous week, Ethereum ended the week at $161.85.

A bearish start to the week saw Ethereum fall from a Sunday high $156.45 to a Monday intraweek low $148.81.

Steering well clear of the week’s first major resistance level at $142.16, Ethereum rallied to a Friday intraweek high $169.26.

Falling short of $170 levels and the first major resistance level at $173.00, Ethereum eased back to $161 levels on a bearish Saturday.

For the week ahead,

A hold onto $160 levels through the early part of the week would support further upside in the week. A break back through to $165 levels would bring $170 levels into play before any pullback.

Support from the broader market would be needed, however, for Ethereum to take a run at the first major resistance level at $171.14.

Barring another broad-based crypto rally, Ethereum will likely come up short of $170 levels for a 2nd consecutive week.

Failure to hold onto $160 levels could see Ethereum slide back to $155 levels before finding support. Barring a broad-based crypto sell-off, Ethereum will likely steer clear of the first major support level at $150.69.

In the event of a crypto meltdown, Ethereum could revisit last week’s low $148.81 before any recovery.

At the time of writing, Ethereum was up 0.17% to $162.13.

ETH/USD 05/05/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen fell by 0.24% in the week ending 4th May. Following an 11.40% slump from the previous week, Stellar’s Lumen ended the week at $0.10359.

Another bearish start to the week saw Stellar’s Lumen fall from a Sunday high $0.1048 to a Monday intraweek low $0.098663.

Holding above the first major support level at $0.0928, Stellar’s Lumen recovered to a Friday intraweek high $0.10883.

Falling short of the first major resistance level at $0.1136, Stellar’s Lumen slid back on Saturday, leaving Stellar’s Lumen in the red for the week.

For the week ahead,

A hold onto $0.10370 levels through the early part of the week would support a positive week ahead. Stellar’s Lumen would need to break through $0.1060 levels to bring the first major resistance level at $0.1087 into play.

Support from the broader market would be needed, however, for Stellar’s Lumen to breakout from $0.1040 levels.

Barring a broad-based crypto rally, Stellar’s Lumen will fall short of $0.11 levels for a 2nd consecutive week. Last week’s high $0.10883 would limit any upside through the week.

Failure to hold onto $0.10370 levels could see Stellar’s Lumen hit reverse. A fall through to $0.1015 levels would bring sub-$0.10 levels into play before any recovery.

Barring a crypto meltdown, the first major support level at $0.0986 would likely limit any downside in the week. In the event of a meltdown, the second major support level at $0.0935 would come into play before any recovery.

At the time of writing, Stellar’s Lumen was up by 0.14% to $0.10374.

XLM/USD 05/05/19 Weekly Chart

Can Bitcoin Continue the Recovery? A Bullish Start to May Suggests it Can…

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Bitcoin gained 0.54% on Wednesday. Following on from a 2.18% rally on Tuesday, Bitcoin ended the day at $5,629.5.

Following April’s 35% gain, it’s another positive start to the month, in what was a trend-bucking day on Wednesday.

A bullish start to the day saw Bitcoin strike an intraday high $5,655 before easing back. Coming up against the first major resistance level at $5,657.17, Bitcoin eased to a late afternoon intraday low $5,577.5.

Steering well clear of the first major support level at $5,496.67, Bitcoin recovered to $5,600 levels late in the day.

For the bulls, it was the first hold onto $5,600 levels by the day’s end since 18th November.

Elsewhere,

Across the top 10 cryptos, joining Bitcoin in the green was Bitcoin Cash ABC, which rose by 0.8% on the day. The rest of the top 10 saw red.

Leading the way down were Cardano’s ADA and  Ripple’s XRP, which slid by 2.36% and 2.35% respectively.

Not far off was EOS, with a 1.71% loss on the day.

The losses came off the back of a relatively bullish end to April, which saw a number of the majors make double-digit gains on Tuesday to wrap up the month.

Leading the way through April was Bitcoin Cash ABC, which rallied by 57.5%. Bitcoin and Binance Coin also impressed, with gains of 35% and 30% respectively.

Bucking the trend through the month was Stellar’s Lumen which fell by 3.93%.

The sizeable gains saw Bitcoin Cash ABC hold onto the number 4 spot by market cap, with Binance ending the month at number 7.

On the news front, it was a relatively quiet day as the bulls and the bears looked to forecast Bitcoin’s next move.

Increased activity and chatter of the likes of NASDAQ and Fidelity looking to enter the cryptosphere are certainly supportive of the more bullish forecasts. The positive start to the month suggests that $6,000 could be around the corner. There is the issue of the SEC and the Bitcoin ETFs to consider, however…

This Morning,

At the time of writing, Bitcoin was up by just 0.07% to $5,633.2. Moves through the early hours saw Bitcoin fall from a morning high $5,647 to a low $5,611.1 before finding support.

A relatively range bound start to the day saw Bitcoin steer clear of the major support and resistance levels. Key through the morning was a hold onto $5,600 levels.

BTC/USD 02/05/19 Weekly Chart

For the day ahead

A hold above $5,620 levels through the morning would support another run at the first major resistance level at $5,663.83. Following a positive start to the month, support from the broader market would be needed, however, for Bitcoin to take a run at $5,700 levels.

Barring a broad-based crypto rally later in the day, Bitcoin will likely be pinned back to $5,600 levels on the day. The second major resistance level at $5,698.17 would likely cap the upside on the day.

Failure to hold onto $5,620 levels could see Bitcoin hit reverse later in the day. A fall through the morning low $5,611.1 would bring the first major support level at $5,586.33 into play.

Barring a crypto meltdown, Bitcoin would likely steer clear of the second major support level at $5,543.17 on the day.

Cardano’s ADA Analysis – Support Levels in Play – 01/05/19

Cardano Crypto Currency Market

Cardano’s ADA Price Support

It’s been another choppy start to the week for Cardano’s ADA. The moves through the early part of the week come off the back of a 4.12% fall in the week ending 28th April.

Last week’s pullback marked a 3rd consecutive week in the red for Cardano’s ADA, with a 12.9% slide in the week ending 21st April doing most of the damage.

A bearish start to the week saw Cardano’s ADA fall by 4.22% on Monday. The reversal saw Cardano’s ADA fall to a current week low $0.06567 before finding support. Holding above the week’s first major support level at $0.0633, Cardano’s ADA rallied to a Tuesday current week high $0.074078.

In spite of an 8.2% rebound on Tuesday, Cardano’s ADA came up short of the week’s first major resistance level at $0.0813.

For April, while a number of the crypto majors saw solid gains, it’s been a relatively bearish month. Cardano’s ADA fell by 4.02% in the month of April. The losses came in spite a particularly bullish start to the month that saw Cardano’s ADA strike a current year high $0.103722.

In spite of the pullback since the current year high $0.103722, it’s been a particularly positive start to the year. Cardano’s ADA is up 76% year-to-date to the end of Tuesday.

The extended bearish trend, formed at last May’s swing hi $0.38845, remained firmly intact, however. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following December’s swing lo $0.02724.

For the bulls, a breakout from the 23.6% FIB of $0.1125 to test the 38.2% FIB of $0.1652 would be needed to form a near-term bullish trend.

At the time of writing, Cardano’s ADA was down by 1.79% to $0.072429.

ADA/USD 01/05/19 Weekly Chart

For the remainder of the week

A move back through $0.0735 levels would support a run at the current week’s high $0.074816, struck early this morning.

Support from the broader market would be needed, however, for Cardano’s ADA to take a run at the week’s first major resistance level at $0.0813.

Barring a broad-based crypto rebound, Cardano’s ADA would likely fail to return to $0.080 levels.

In the event of a broad-based rebound, $0.086 levels could come into play before any pullback. However, Cardano’s ADA will likely come up short of $0.090 levels.

Failure to move through to $0.0735 levels could give Cardano’s ADA a 4th consecutive week in the red.

A fall through the current week low $0.06727 would bring the week’s first major support level at $0.0633 into play.

Barring a broad-based crypto sell-off, Cardano’s ADA would likely steer clear of sub-$0.06 levels in the week.

Looking at the Technical Indicators

Major Support Level: $0.0633

Major Resistance Level: $0.0813

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

The April Bulls Deliver for Bitcoin, while others Struggle on

Bitcoin and Litecoin over dollar banknotes.

Bitcoin slipped by 0.06% on Monday. Partially reversing a 1.57% gain from Sunday, Bitcoin ended the day at $5,480.1.

A relatively range-bound start to the day saw Bitcoin rise to a mid-morning intraday high $5518 before hitting reverse.

Falling short of the first major resistance level at $5,554.43, Bitcoin fell to an early afternoon intraday low $5,365.0.

The reversal saw Bitcoin fall through the first major support level at $5,410.43 to come within range of the second major support level at $5,334.07 before finding support.

Recovering through the afternoon, Bitcoin managed to move back through to and hold onto $5,480 levels.

While the broader market has been in some choppy waters in recent weeks, Bitcoin was up by 31.5% for the current month to the end of Monday.

Elsewhere,

Across the top 10 cryptos, it was a sea of red for the majors on Monday. Bitcoin Cash ABC led the way down, sliding by 6.78%.

Other notable losses included a 4.58% slide in Binance Coin and a 4.22% fall in Cardano’s ADA. While the reversal fell short of being considered a crypto meltdown, the majors tracked each other through the first half of the day.

In spite of the heavy losses on the day, it could have been a lot worse had support not kicked in through the afternoon.

Providing direction to the broader market through the day was Bitcoin, which continued to struggle at $5,400 levels. Failure to hold onto $5,500 levels hit early in the day led to the pullback ahead of the month end.

There were no major news events on the day to hit the broader market, which saw the total market cap fall from $171.9bn to $167.6bn levels before recovering to $169.7bn levels.

As the month of April comes rapidly to an end, it’s been a mixed month for the majors. Joining Bitcoin with heavy gains are Bitcoin Cash ABC which leads the way with a 36.67% gain. Not far off the pace was Binance Coin, which was up 27.7% to the end of Monday.

It’s not green across the broad, however, with Stellar’s Lumen (-8.95%), Cardano’s ADA (-4.02%) and Ripple’s XRP (-2.18%) struggling.

While the total market cap rose from $144bn levels at the end of March, Bitcoin’s dominance has also been on the rise. Bitcoin’s dominance has risen from 50.3% at the end of March to 54.9% at the time of writing, the shift supporting the uptrend in the market cap.

This Morning,

At the time of writing, Bitcoin was down by 0.3% to $5,463.7. Moves through the early morning saw Bitcoin fall from a morning high $5,497.2 to a low $5,462.0.

Steering clear of the major support and resistance levels, the struggle at $5,400 continued to pin Bitcoin back from a breakout to $5,500 levels and beyond.

Elsewhere, Bitcoin Cash ABC and Litecoin were amongst the leading back, up by 1.76% and 1.29% respectively.

Joining Bitcoin in the red was Ripple’s XRP, which was down by 0.16% and Binance Coin, which was down by 0.21%.

BTC/USD 30/04/19 Weekly Chart

For the day ahead

Bitcoin would need to hold above $5,450 levels to support a move back into positive territory. A move through $5,490 would bring $5,550 levels and the first major resistance level at $5,543.73 into play.

Barring a broad-based crypto rally, Bitcoin would likely continue to come up short of $5,600 levels on the day.

Failure to hold above $5,450 levels could see Bitcoin hit reverse later in the day. A fall through the first major support level at $5,390.83 could be on the cards before any recovery. Barring a crypto meltdown, however, Bitcoin would likely steer clear of sub-$5,300 levels on the day.

Expect the broader market to respond to Bitcoin’s moves, particularly with Bitcoin’s dominance having been on the rise through April.

Altcoins Weekly Analysis – EOS, ETH and XLM – 28/04/19

Kiev, Ukraine, March, 13, 2018: Coins of different crypto-currencies with dollars

EOS

EOS slid by 8.05% in the week ending 27th April. Reversing a 2.39% gain from the previous week, EOS ended the week at $4.8394.

A bearish start to the week saw EOS slide from a Sunday intraweek high $5.4892 to a Thursday intraweek low $4.53.

The reversal saw EOS slide through the first major support level at $5.2383 and second major support level at $5.0065. Heavier losses avoided, with support coming at the third major support level at $4.5638.

The start of the week high fell well short of the week’s first major resistance level at $5.6810.

A 5.8% rally on Friday back through to $4.80 levels limited the downside for the week.

For the bears, EOS saw red on 5 of the 7 days. EOS saw its heaviest loss of 6.29% on Wednesday. More significantly, it’s been downhill since 10th April’s current year high of $6.0726…

For the week ahead,

A move through $4.95 levels would bring $5.00 levels back into play on the week. Support from the broader market would be needed, however, for EOS to breakout from $5.00 levels. A move through to $5.20 would bring the first major resistance level at $5.3757 into play before any pullback.

Barring a broad-based crypto rally, EOS would likely come up short of $6.00 levels. The second major resistance level at $5.9121 would cap the upside in the week.

Failure move through to $4.95 levels could see EOS slide back through last week’s low $4.53.  A pullback through to $4.50 would bring the first major support level at $4.4165 into play before any recovery.

Barring a crypto meltdown, EOS would likely steer well clear of sub-$4.00 support levels on the week.

At the time of writing, EOS was up by 0.35% to $4.8561.

EOS/USD 28/04/19 Weekly Chart

Ethereum

Ethereum tumbled by 10.41% in the week ending 27th April. Reversing a 6.09% gain from the previous week, Ethereum ended the week at $155.66.

A relatively choppy start to the week saw Ethereum recover from a Sunday low $166.33 to a Tuesday intraweek high $176.94.

Falling short of the first major resistance level at $173, Ethereum slid to Thursday intraweek low $146.00. 3 consecutive days in the red that included an 8.3% sell-off on Thursday did the damage.

The reversal saw Ethereum fall through the first major support level at $160.54 and second major support level at $147.35.

A partial recovery on Friday and Saturday through to $155 levels reduced the deficit for the week.

For the week ahead,

A move through to $159.50 levels would support a partial recovery of last week’s losses. Support from the broader market would be needed, however, for Ethereum to take a run at $170 levels.

Barring a broad-based crypto rally, Ethereum would likely struggle to break out from $165 levels in the event of a move through to $160 levels. In the event of a broad-based crypto rebound, the first major resistance level at $173 would likely cap the upside on the week.

Failure to move through to $159.50 levels could see Ethereum take another weekly hit. A pullback through to sub-$150 levels could see Ethereum slide through the morning low $146 before any recovery.

Barring a broad-based crypto sell-off, however, Ethereum would likely hold above the week’s first major support level at $142.16.

At the time of writing, Ethereum was up 0.23% to $156.02.

ETH/USD 28/04/19 Weekly Chart

Stellar’s Lumen

Stellar’s Lumen slumped by 11.49% in the week ending 27th April. Following on from a 1.19% fall from the previous week, Stellar’s Lumen ended the week at $0.1021.

A bearish start to the week saw Stellar’s Lumen fall from an intraweek high $0.11586 to a Sunday low $0.10935 before recovering to $0.11 levels.

The partial recovery to $0.11 levels left Stellar’s Lumen well short of the first major resistance level at $0.1203. Succumbing to market forces, Stellar’s Lumen tumbled to a Thursday intraweek low $0.09509 before finding support.

The reversal saw Stellar’s Lumen fall through the first major support level at $0.1105 and second major support level at $0.1057. The third major support level at $0.09590 limited the downside on the week.

2 consecutive days in the green at the end of the week reduced the deficit for the week.

For the week ahead,

A move through to $0.1045 levels would be needed to support a partial recovery of last week’s losses.

Having tracked the market through the last week, support from the broader market would be needed for Stellar’s Lumen to breakout from $0.1045 levels.

A broad-based crypto rebound would bring $0.11 levels and the first major resistance level at $0.1136 into play. Stellar’s Lumen would likely fall short of a return to $0.12 levels, however. Last week’s high $0.11586 would likely cap the upside on the week.

Failure to move through to $0.1045 levels could see Stellar’s Lumen take another hit in the week ahead.

A fall through to sub-$0.10 levels would bring the first major support level at $0.0928 into play before any recovery.

Barring another crypto meltdown, however, Stellar’s Lumen would likely steer clear of sub-$0.090 support levels.

At the time of writing, Stellar’s Lumen was up by 0.83% to $0.10384.

XLM/USD 28/04/19 Weekly Chart

The Crypto Bears Fight Back. Can Bitcoin Take another Run at $6,000?

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Following Bitcoin’s positive start to the week, it was back into the red for the majors.

Bitcoin fell by 1.22% on Wednesday. Partially reversing a 2.37% rally on Tuesday, Bitcoin ended the day at $5,479.6.

A bullish start to the day saw Bitcoin look to buck the trend for a 2nd consecutive day. Bitcoin struck an early morning intraday high $5,690 ahead of a mid-morning sell-off.

The early rally saw Bitcoin break through the first major resistance level at $5,666.5 before hitting reverse.

Reversing through the late morning, Bitcoin fell through the first major support level at $5,406.6 to an intraday low $5,407.1.

A recovery to $5,500 levels by the early afternoon was short-lived, with Bitcoin closing out the day at $5,400 levels.

In spite of the reversal, Bitcoin remained in positive territory for the current week. The sell-off led to Bitcoin’s dominance to rise to 54.5%, reflecting a more bearish sentiment from last week’s sub-52% levels.

Elsewhere,

Across the top 10 cryptos, it was a sea of red, with Binance Coin the only major to buck the trend on the day.

Binance Coin gained 2.24% on Wednesday, with a late rally delivering the gains and bringing to an end a run of 3 consecutive days in the red.

Elsewhere, Stellar’s Lumen and EOS were amongst the worst performers, sliding by 6.94% and by 6.23% respectively.

The broad-based sell-off saw the total crypto market cap fall from $183bn levels to $174bn levels before support kicked. While not the largest of single day slides seen in the total market cap, investors were reminded just how quickly sentiment can change.

On the news front, there was nothing negative to influence the sell-off as investors continue to wait on for the SEC Bitcoin ETF decision. Profit taking at $5,600 levels likely contributed to the reversal in Bitcoin that impacted the broader market.

This Morning,

At the time of writing, Bitcoin was up by 0.15% to $5,487.9. Wednesday’s late recovery continued into the early hours of Thursday, providing some much needed early support. The day’s major support and resistance levels were left untested early on.

Elsewhere in the cryptomarket, a number of the majors were looking for a rebound from heavier losses on Wednesday.

Bitcoin Cash ABC was up by 1.4%, with Litecoin up by 1.42% at the time of writing. Bucking the trend in the first hour of the day, however, was Binance Coin once more. Binance coin was down by 1.8% at the time of writing.

BTC/USD 25/04/19 Daily Chart

For the day ahead,

Bitcoin would need to move through to $5,530 levels to resume the current upward trend seen since 2nd April’s 17.3% rally that led to a breakthrough to $5,000 levels.

A move through to $5,530 would bring $5,600 levels and the first major resistance level at $5,644.03 into play. Bitcoin would need support from the broad market, however, to break out from $5,500 levels on the day.

Failure to move through to $5,530 could see Bitcoin take another hit on the day. A fall through to $5,450 levels could bring sub-$5,400 levels into play before any recovery.

Barring another crypto meltdown, however, Bitcoin will likely steer clear of the first major support level at $5,361.13.

Getting through the morning will be key for the bulls. Is the positive start to the day just a spillover from late Wednesday or a rebound?

Cardano’s ADA Analysis – Support Levels in Play – 24/04/19

Cardano Crypto Currency Market

Cardano’s ADA Price Support

It’s been a particularly choppy start to the week for Cardano’s ADA. The latest swings come off the back of a 12.9 slide last week, which followed on from a 6.3% fall in the week prior.

A bullish start to the week saw Cardano’s ADA rally by 6.22% to reverse most of last week’s losses before hitting reverse. Outperforming the rest of the top 10 cryptos on Monday, a broad-based reversal on Tuesday weighed heavily.

The reversal saw Cardano’s ADA slide by 5.73% to $0.074262, wiping out most of Monday’s gains to resume the recent reversal that has been ongoing since a 3rd April high $0.103722.

Moves through the early part of the week saw Cardano’s ADA rise to a current week high $0.083694 on Tuesday.

Cardano’s ADA broke through the week’s first major resistance level at $0.08310 before sliding to a Tuesday low $0.071654.

In spite of the Tuesday sell-off, Cardano’s ADA steered clear of the week’s first major support level at $0.0685.

The extended bearish trend, formed at last May’s swing hi $0.38845, remained firmly intact. Cardano’s ADA continued to fall short of the 23.6% FIB Retracement Level of $0.1125, following December’s swing lo $0.02724.

In spite of the pullback since the current year high $0.103722, it’s been a particularly positive start to the year. Cardano’s ADA is up 77% year-to-date to the end of Tuesday.

For the bulls, a breakout from the 23.6% FIB of $0.1125 to test the 38.2% FIB of $0.1652 would be needed to form a near-term bullish trend.

At the time of writing, Cardano’s ADA was down by 0.11% to $0.074183.

ADA/USD 24/04/19 Weekly Chart

For the remainder of the week

A move back through $0.0770 levels would support a return to $0.080 levels later ahead of the weekend.

Support from the broader market would be needed, however, for Cardano’s ADA to take a run at the first major resistance level at $0.0831.

Following 3rd April’s high, a lack of a broad-based crypto rally would likely see Cardano’s ADA struggle at $0.080 levels.

In the event of a rebound, a breakthrough the first major resistance level would bring $0.090 levels into play going into the weekend.

Failure to move through to $0.0770 levels could see Cardano’s ADA struggle through the week. A pullback through the current week low $0.071654 would bring sub-$0.070 levels into play.

Barring a crypto meltdown, however, the first major support level at $0.0685 would likely limit the downside in the week.

In the event of a broad-based sell-off, Cardano’s ADA would likely steer clear of sub-$0.060 levels. The second major support level at $0.0628 would provide the necessary support.

Looking at the Technical Indicators

Major Support Level: $0.0685

Major Resistance Level: $0.0831

23.6% FIB Retracement Level: $0.1125

38.2% FIB Retracement Level: $0.1652

62% FIB Retracement Level: $0.2505

The Bitcoin Bulls Deliver $5,400. Next Up, $6,000…

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Bitcoin was amongst the front runners at the start of the week.

Bitcoin gained 1.83% on Monday. Reversing a 0.34% loss from Sunday, Bitcoin ended the day at $5,417.8.

The bullish start to the week came off the back of a 2.5% rise in the week ending 21st April.

A mixed start to the day saw Bitcoin fall to an early morning intraday low $5,276.5 before making a move. Steering clear of the first major support level at $5,261.93, Bitcoin rallied to a late afternoon intraday high $5,459.5.

The afternoon rally saw Bitcoin break through the first major resistance level at $5,374.93 and second major resistance level at $5,427.97 before easing back.

For the bulls, Monday’s gain was a 6th day in the green out of the last 7. Of greater significance was Bitcoin’s hold onto $5,400 levels by the day’s end.

It was Bitcoin’s highest end of day price since 18th November’s $5,659.5 and highest intraday since 19th November’s $5,659.5.

Elsewhere,

Across the top 10 cryptos, it was a mixed bag for the majors. Following an impressive run through the 2nd half of last week, Binance saw red, falling by 0.97%. Joining Binance was Litecoin, which fell by 0.44%.

For Binance, having made solid gains in recent weeks, some profit taking at the start of the week was in line with last week’s trend. Litecoin also suffered a similar fate, having been on the move since the turn of the year in anticipation of this year’s halving event.

Leading the way amongst the top 10 was Cardano’s ADA, which rallied by 6.22%. After a particularly bullish run since February, that led to a 2019 high $0.103722, it’s been bearish since. Cardano’s ADA had tumbled to $0.071 levels before finding support.

This Morning,

At the time of writing, Bitcoin was up by just 0.02% to $5,418.9. Recovering from an early morning low $5,387.5, Bitcoin moved to a morning high $5,433 before easing back.

Whilst leaving the major support and resistance levels untested, support at sub-$5,400 was key in the early hours.

Elsewhere, Cardano’s ADA continued its revival, up by 1.08% at the time of writing to lead the way amongst the majors.

It’s been a mixed start to the day, however, with Bitcoin Cash ABC, EOS and Stellar’s Lumen seeing minor losses. For the rest of the pack, the majors struggled for direction early on.

BTC/USD 23/04/19 Daily Chart

For the day ahead,

Bitcoin would need to hold onto $5,400 levels through the morning to support a run at the first major support level at $5,479.03.

Support from the broader market would be needed for a breakthrough Monday’s high $5,439.0, however. Barring a broad-based crypto rally, Bitcoin will likely struggle to break through to $5,500 levels.

In the event of a crypto breakout, Bitcoin could take a run at the second major resistance level at $5,540.27.

Failure to hold onto $5,400 levels could see Bitcoin struggle through the day. A pullback through the morning low $5,387.5 to $5,360 levels would bring the first major support level at $5,316.53 into play.

Barring a broad-based crypto sell-off, Bitcoin would likely steer clear of sub-$5,300 support levels on the day.

For the broader market, Bitcoin at $5,500 could fuel another broad-based rally…

Altcoins Weekly Analysis – ADA, BNB, and EOS – 21/04/19

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Cardano’s ADA

Cardano’s ADA fell by 8.33% in the week ending 20th April. Following on from a 7.8% slide from the previous week, Cardano’s ADA ended the day at $0.07668.

A choppy start to the week saw Cardano’s ADA rise to an intraweek high $0.085159 on Monday before hitting reverse.

Falling well short of the week’s first major resistance level at $0.0941, Cardano’s ADA fell to an intraday week low $0.075084 on Saturday.

In spite of the reversal, Cardano’s ADA held above the first major support level at $0.0745 to move back through to $0.080 levels on Saturday.

Following a first weekly loss in 8-weeks in the week ending 7th April, there were more losses. Cardano’s ADA saw red for 4 consecutive days in the week.

For the week ahead,

A move through to $0.0790 levels would be needed to bring $0.080 levels and the first major resistance level at $0.0829 into play.

Support from the broader market would be needed, however, for Cardano’s ADA to resume its upward trend.

Barring a broad-based crypto rally, Cardano’s ADA will likely fail to return to $0.090 levels. The second major resistance level at $0.0891 will likely cap any upside in the week.

Failure to move through to $0.0790 levels could see Cardano’s ADA continue the current reversal. A fall through last week’s low $0.075084 would bring the first major support level at $0.0745 into play.

Barring a crypto meltdown, Cardano’s ADA would likely steer clear of sub-$0.070 support levels in the week.

At the time of writing, Cardano’s ADA was up 1.63% to $0.077931.

ADA/USD 21/04/19 Weekly Chart

Binance

Binance rallied by 33.37 in the week ending 20th April. Reversing a 2.18% fall from the previous week, Binance ended the day at $25.10.

A relatively bullish start to the week saw Binance move back through $20.00 levels to test the first major resistance level at $20.51.

Following a range-bound middle of the week, Binance rallied to an intraweek high and new swing hi $25.83 on Saturday before easing back.

The breakout saw Binance break through the week’s major resistance levels. Moves through Saturday saw Binance fall back through the third major resistance level at $25.96 late in the day.

A start of a week intraweek low $18.616 saw Binance hold well above the first major support level at $16.74.

For the week ahead,

A hold onto $24 levels through the early part of the week would support further gains ahead of the weekend. A breakthrough last week’s high $25.83 would be needed to bring the first major resistance level at $27.83 into play.

Continued upward momentum mid-week could see Binance take a run at $30 levels before any pullback.

Failure to hold onto $24 levels could lead to a first weekly fall in 12 weeks. A pullback through $23.10 would bring the first major support level at $20.37 into play before any recovery.

Of greater significance would be a fall through the 23.6% FIB of $20.72, which would test the bulls.

Barring a broad-based crypto meltdown, Binance will likely steer well clear of sub-$20 support levels.

At the time of writing, Binance was down 1.45% to $24.73.

BNB/USD 21/04/19 Weekly Chart

EOS

EOS rose by 2.39% in the week ending 20th April. Reversing a 0.74% loss from the previous week, EOS ended the week at $5.47.

A relatively bullish start to the week saw EOS rise to an intraweek high $5.6602 on Monday before easing back.

Falling short of the week’s first major resistance level at $5.9114, EOS fell to an intraweek low $5.2175 on Monday.

Steering well clear of the week’s major support levels, EOS recovered to $5.60 levels and a range—bound 2nd half of the week.

A bearish end to the week led to a pullback to $5.4 levels to limit the gains for the week.

For the week ahead,

A hold above $5.45 levels through the early part of the week would support more upside in the week ahead. A break back through to last week’s high $5.66 would bring the first major resistance level at $5.681 into play.

Barring a broad-based crypto rally, EOS would likely come up short of $6.00 levels. The second major resistance level at $5.8919 would cap the upside in the week.

Failure to hold above $5.45 levels could see EOS slide back through the first major support level at $5.2383.

Barring a crypto meltdown, EOS would likely avoid a fall to sub-$5.00 levels. The second major support level at $5.0065 would limit the downside in the week.

At the time of writing, EOS was up by 0.26% to $5.4859.

EOS/USD 21/04/19 Weekly Chart