Bubble? The Latest Moves Affirm the Bears’ Worst Fears. Bitcoin is here to Stay

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Bitcoin rallied by 11.32% on Monday. Reversing a 1.99% fall from Sunday, Bitcoin ended the day at $7.770.7.

Monday’s rally delivered a 2nd double-digit gain in just 3-days, with Bitcoin seeing green in 5 of the last 7-days.

On the day, Bitcoin had a relatively range-bound start to the day before making a move in the late morning.

On the rise from a start of a day intraday low $6,880, Bitcoin rallied to a late intraday high $8,021.8.

Whilst steering clear of the major support levels, sub-$7,000 support delivered once more on the day. Bitcoin broke through the first major resistance level at $7.334.93 and second major resistance level at $7,686.47 to strike $8,000 for the first time this year.

A late pullback saw Bitcoin ease back to $7,600 levels, but the damage to the bears had already been done.

Of greater significance on the day was Bitcoin’s breakout from the 62% FIB of $7,408. The move marked the beginning of a bullish trend formation as the bulls look to reverse a bearish trend formed back at May of last year’s swing hi $9,999.

Elsewhere,

Across the top 10 cryptos, while it was a sea of green across the majors, some certainly performed better than others.

Leading the majors on the day was Binance Coin, which found buying interest after last week’s 12.7% slide. Binance Coin gained 12.07% on the day.

Other notables were Bitcoin Cash ABC, which rallied by 7.6% and Ethereum, Binance Coin’s nemesis, which gained 4.4% on the day.

Trailing the majors was Stellar’s Lumen, which rose by just 0.8%.

In spite of Stellar Lumen’s lackluster performance, it remains within the top 10, for now at least.

The broad-based crypto rally on Saturday and Monday led the total crypto market cap through to $236.5bn, with 24-hour trading volumes sitting at $91bn levels.

Unsurprisingly, Bitcoin’s dominance has jumped to 59.5% following its recent run of form. The historical downward trend in the dominance figures in bullish environments appears to be broken for now. This could change should the likes of Ripple’s XRP and Stellar’s Lumen begin to catch up with the pack.

On the news front, perhaps China’s retaliation in the extended trade war between the U.S and China contributed to a visit to $8,000 levels.

The combined effect of a sell-off in the more matured markets and news of $1bn in capital raised by Bitfinex from institutional clients were certainly positives.

Institutional money is the next key step in Bitcoin and the cryptomarket’s evolution. The timing of the fundraising couldn’t have been better. The level of buying interests suggests there would be a sizeable inflow should the SEC approve the pending Bitcoin ETF reviews. Increased interest would also incentivize the rollout of other ETFs and investment vehicles targeting institutional clients.

This Morning,

At the time of writing, Bitcoin was up by 2.31% to $7,949.9. A relatively bullish start to the day saw Bitcoin rise from a morning low $7,731.3 to a morning high $7,970.9.

Moves through the early hours saw Bitcoin leave the major support and resistance levels untested.

Elsewhere, Ripple’s XRP joined to crypto party after trailing through much of the year. At the time of writing, Ripple’s XRP was up a whopping $20.86% to hit $0.39 levels.

The early moves by Ripple’s XRP supported other cryptomarket laggards.  Stellar’s Lumen was a distance second with a 14.2% gain at the time of writing.

As we saw with Binance Coin on Monday, investors have been on the hunt for oversold cryptos and there was no better place to look than both, Stellar’s Lumen and Ripple’s XRP.

BTC/USD 14/05/19 Daily Chart

For the day ahead

It may all rest on the shoulders of Bitcoin to deliver an extended rally through today and beyond. A move back through to $8,000 levels would certainly support a rapid rise to $9,000 levels.

A few curveballs remain for Bitcoin and the broader market, however. The first is the pending decision by the SEC on the 9 Bitcoin ETFs. The other is a rollout of rules and regulations by the G20 this summer.

Favorable outcomes could see Bitcoin return to the dizzy heights of late 2017.

Many an investor missed out last time around. The very fact that investors don’t want to miss out at a 2nd time of asking could ultimately see Bitcoin break into unchartered territory.

There’s a long way to go, however, and we have been here before….

Altcoins Weekly Analysis – ADA, BNB and ETH – 12/05/19

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

Cardano’s ADA

Cardano’s ADA gained 6.25% in the week ending 11th May. Reversing a 2.93% loss from the previous week, Cardano’s ADA ended the week at $0.07432.

Bearish through much of the week, Cardano’s ADA fell to an intraweek low $0.05790 on Friday. The pullback saw Cardano’s ADA fall through the first major support level at $0.0642. The second major support level at $0.0585 limited the downside in the week.

A bullish Saturday reversed the week’s losses, with Cardano’s ADA rallying to an intraweek high $0.08254.

Finding support from the broader market, Cardano’s ADA broke through the first major resistance level at $0.0771. A late pullback on Saturday saw Cardano’s ADA ease back through the first major resistance level at the day’s end.

For the week ahead

A hold above $0.0720 levels would support further upside for Cardano’s ADA in the week ahead. A move back through to $0.080 levels would bring the first major resistance level at $0.0853 into play.

Support from the broader market would be needed, however, for Cardano’s ADA to breakout from $0.085 levels.

Barring a crypto rally, Cardano’s ADA will likely fall short of $0.090 levels. In the event of another rally, Cardano’s ADA will likely test the second major resistance level at $0.0962 before any pullback.

Failure to hold above $0.0720 levels could see Cardano’s ADA resume its run of weekly losses. A fall back through to $0.065 levels would bring the first major support level at $0.06060 into play.

Barring a crypto meltdown, Cardano’s ADA will likely steer clear of sub-$0.060 levels in the week.

At the time of writing, Cardano’s ADA was up by 1.27% to $0.075255.

ADA/USD 12/05/19 Weekly Chart

Binance Coin

BNB tumbled by 12.6% in the week ending 11th May. Reversing a 4.68% gain from the previous week, Binance Coin ended the week at $20.92.

A particularly bearish start to the week saw Binance Coin slide from $24 levels to an intraweek low $17.8 on Saturday.

The reversal saw Binance Coin slide through the first major support level at $21.66 and second major support level at $19.37.

Of greater significance was a fall through the 23.6% FIB of $21.36. Support at the 38.2% FIB of $18.08 ultimately prevented heavier losses in the week.

Bouncing back on Saturday, supported by the broader market, Binance Coin struck an intraweek high $24.55 before easing back.

The rally saw Binance Coin break back through the 38.2% FIB and 23.6% FIB before the late Saturday pullback.

For the week ahead

A hold onto $21 levels through the early part of the week would provide some much-needed support for the week ahead.

Sentiment towards Binance Coin will need to materially shift, however, for Binance Coin to break through the first major resistance level at $24.38.

Barring a broad-based crypto rally, Binance would likely come up short of the second major resistance level at $27.83. A 3rd May swing hi $26.67 would likely cap any upside through the week.

Failure to hold onto $21 levels could see Binance coin hit take another weekly hit. A pullback through to sub-$20 levels would bring the first major support level at $17.63 into play.

Barring a crypto meltdown, however, Binance Coin would likely steer clear of sub-$17 levels in the week.

At the time of writing, Binance Coin was up by 1.08% to $21.15.

BNB/USD 12/05/19 Weekly Chart

Ethereum

Ethereum rallied by 18.9% in the week ending 11th May. Following on from a 3.93% gain from the previous week, Ethereum ended the week at $192.52.

Bullish through most of the week, Ethereum rallied from a Sunday intraweek low $157.28 to a Saturday intraweek high $207.

Steering clear of the major support levels, Ethereum broke through the major resistance levels before a late Saturday pullback.

The late pullback saw Ethereum fall back through the third major resistance level at $200.87.

For the week ahead

A move back through last weeks high $207 would support a run at the first major resistance level at $213.92.

Ethereum would need support from the broader market, however, to break out from $213 levels to take a run at $220 levels later in the week.

Barring another broad-based crypto rally, Ethereum would likely come up short of the second major resistance level at $235.32.

Failure to move back through last weeks high $207 could see Ethereum give up some of the previous week’s gains.

A fall through to $185 levels could bring $170 levels into play before any recovery. Barring a crypto meltdown, however, Ethereum will likely avoid sub-$180 levels and the first weekly support level at $164.20.

At the time of writing, Ethereum was by 2.93% to $197.97.

ETH/USD 12/05/19 Weekly Chart

Bitcoin Bucks the Trend Early in a Bid to Break from the Pack

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Bitcoin gained 1.6% on Wednesday. Following on from a 1.18% rise on Tuesday, Bitcoin ended the day at $6,201.5.

A particularly bearish start to the day saw Bitcoin slide to an early morning intraday low $6,007.8 before finding support.

In spite of the early sell-off, Bitcoin held above the first major support level at $5,977.6 and also avoided sub-$6,000 levels for a 2nd consecutive day.

Range-bound through the afternoon, Bitcoin struck a late intraday high $6,230 before pulling back.

Coming within range of the first major resistance level at $6,273.7, Bitcoin slid to an evening low $6,103.6 before recovering to $6,200 levels.

Elsewhere,

Across the top 10 cryptos, it was another mixed bag for the majors. On the positive front, Ethereum led the day once more, rising by 1.85%.

Other majors that ended the day in positive territory included Bitcoin Cash ABC and Litecoin, both rising by 0.64%. EOS and Cardano’s ADA also managed to avoid a reversal, gaining 0.37% and 0.12% respectively.

On the other end of the table, Stellar’s Lumen took a tumble on Wednesday, sliding by 2.8%. Binance Coin and Ripple’s XRP also saw red, the pair fell by 0.93% and by 0.49% respectively.

The newfound support for Ethereum continued to weigh on Binance Coin, in spite of Binance’s Launchpad platform that is expected to eat into Ethereum’s ICO “go to” status.

Bitcoin’s hold onto $6,000 levels has led to Bitcoin’s dominance rise to 57.1%. The increase in dominance has come despite the total crypto market cap hovering at just shy of $190bn levels.

Of some concern, however, will be a pullback in 24-hour volumes to sub-$50bn levels of late.

On the wires, news of Binance being hacked certainly didn’t help Binance Coin this week, though the 6th largest Bitcoin hack did have a relatively muted impact on the broader market.

The question will be whether the SEC sees this as yet another reason to roadblock institutional money from flooding into the market.

This Morning,

At the time of writing, Bitcoin was up by 1.43% to $6,290. A bullish start to the day saw Bitcoin rally from am morning low $6,200 to a high $6,344.0 before easing back.

The early rally saw Bitcoin break through the first major resistance level at $6,285.07 to come within range of the second major resistance level at $6,368.63.

Bitcoin steered well clear of the major support levels early on in the day.

Elsewhere, joining Bitcoin in the green was Litecoin, which was up by 0.35% at the time of writing. The rest of the majors were in the red, with Cardano’s ADA seeing the heaviest losses, down by 3.77%.

BTC/USD 09/05/19 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. Bitcoin would need support from the broader market, however, to take a run at the second major resistance level at $6,368.63.

A broad-based crypto rebound could see Bitcoin breakout from $6,360 levels to bring $6,400 levels into play before any pullback.

Failure to hold onto $6,200 levels could see Bitcoin give up the morning gains. A pullback through to sub-$6,150 levels would bring sub-$6,100 levels into play before any recovery. Barring a crypto meltdown, however, Bitcoin will likely steer clear of the first major support level at $6,062.87.

Ethereum Analysis – Resistance Levels in Play – 08/05/19

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Ethereum Price Resistance

It’s been a particularly choppy start to the week for Ethereum. A bearish start to the week saw Ethereum fall by 0.37% on Sunday to $161 levels before finding support.

Bullish through the day on Monday, Ethereum rallied through to a Tuesday current week high $180.69 before sliding back.

A 6.08% rally on Monday has been the highlight of the week thus far, with a 2.67% fall on Tuesday only partially reversing the early in the week rally.

The early in the week rally saw Ethereum break through the first major resistance level at $171.14 to hit $180 levels on Tuesday. Breaking through to $180 levels, the second major resistance level at $180.42 capped the upside early on in the week.

Support in the week came from talk of a possible approval of Ethereum futures. The support was short-lived, however.

Tuesday’s pullback from the current week high to sub-$170 levels saw Ethereum fall back through the week’s major resistance levels.

A start of a week low $157.28 saw Ethereum hold well above the first major support level at $150.69.

Following a 13.6% gain in April, it’s been a relatively positive start to the month for Ethereum. In spite of the pullback from $180 levels, Ethereum is up by 6.7% to the end of Tuesday.

The extended bearish trend, formed at last May’s swing hi $828.97, remained firmly intact, however. Ethereum continued to fall short of the 23.6% FIB Retracement Level of $257, following December’s swing lo $80.6.

For the bulls, a breakout from the 23.6% FIB of $257 to test the 38.2% FIB of $367 would be needed to form a near-term bullish trend.

At the time of writing, Ethereum was up 0.29% to $167.0.

ETH/USD 08/05/19 Weekly Chart

For the remainder of the week

A move back through to $168.5 levels would support another run through the first major resistance level at $171.14.

Support from the broader market would be needed, however, for Ethereum to breakout from current levels. Barring a broad-based crypto rally, Tuesday’s reversal from $180 levels will likely cap any upside for the week to sub-$180 levels.

In the event of a 2nd rally, Ethereum would likely break back through the second major resistance level at $180.42 to bring the current year high $187.62 into play before any pullback.

Failure to move through $168.5 could see Ethereum come under pressure later in the week. A pullback through to sub-$160 levels could bring the first major support level at $150.69 into play.

Barring a crypto meltdown, however, Ethereum will likely steer well clear of sub-$150 levels and last week’s low $148.81.

Looking at the Technical Indicators

 

Major Support Level: $150.69

Major Resistance Level: $171.14

23.6% FIB Retracement Level: $257

38.2% FIB Retracement Level: $367

62% FIB Retracement Level: $543

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