Technical analysis of BTC and ADA. 09/06/23
Analysis of the current state of Bitcoin (BTC) and Cardano (ADA).
Bitcoin
On the H1 timeframe, BTC is oscillating between the support zone of $25,000-$25,700 and the resistance range of $26,900-$27,400. A noteworthy point is the local low at $26,150, which could prompt a bullish response.
If the bearish momentum sustains, the "psychological level" at $24,000 will emerge as the next support. Seller orders are positioned at $27,700 and within the $28,000-$28,500 range.
BTC chart on the H1 timeframe
Cardano (ADA)
Since our last ADA analysis 10 days ago, the asset has dropped by 18%, nearing the support zone of $0.298-$0.317. If the downtrend persists, we could see the next lines of support at $0.28 and the $0.24-$0.26 zone.
The prevailing resistance zone falls within the $0.361-$0.386 range. Given its substantial distance from the current price, seller activity could be more discernible on a lower timeframe.
ADA chart on the Daily timeframe
On the H2 timeframe, several zones are marked where sellers' response is expected. The immediate one is $0.324-$0.330, with others following at $0.347-$0.357 and a wider range of $0.37-$0.386.
The support levels hold relevance within the daily timeframe. The robust trading volumes on the chart signal the sellers' dominance. For the downtrend to cease, buyers need to secure a position at least above the first resistance level, backing it by hefty volumes. Otherwise, the asset may continue to record new lows.
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 Gagarin News 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 Gagarin News:
