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Bitcoin and Cardano Price Analysis: More compression, more waiting…

Bitcoin and Cardano Price Analysis for the last two days: the breakout didn’t happen over the week so the consolidation movement continues to dominate the market, increasing the pressure in the support zone between $41,000 to $43,000.

Bitcoin / US Dollar – General Overview

Bitcoin and Cardano Price Analysis for the last two days: the breakout didn’t happen over the week so the consolidation movement continues to dominate the market, increasing the pressure in the support zone between $41,000 to $43,000. The parallel channels have taken an uptrending stance, showing that the next move will possibly be on the bullish side but there is a need for more fundamental analysis before having a clear image about the next move in the Bitcoin market.

 

If the consolidation trend continues for a few days more, the breakout move will become a certainty and the momentum that will be dominant in this breakout will determine the direction for the market. We expect that this time, the consolidation period will act in favor of Bitcoin’s price as there are plenty of news stories that have a positive impact on the price charts.

 

A key fundamental issue that we should also take into consideration is the Kazakhstan revolution, where many power shortages happened. Kazakhstan has been the #2 country in terms of mining power, only behind the USA, as Chinese mining farms have been shut down during the last months, due to China’s ban.

 

The moving averages are getting closer to each other and the next cross that will emerge will be a bullish signal. This bullish signal might be the spark for the next breakout move, leading the market into a new phase, hopefully in the bullish direction.

 

The trading volumes were sustained at lower levels, indicating that investors are taking a step back regarding new positions.

 

 

Bitcoin / US Dollar - General Overview
Bitcoin / US Dollar – General Overview in Bitcoin Price Analysis, image from Tradingview

Bitcoin / US Dollar – Day Trading Overview

The previous parallel channels made a minor breakout towards the bearish side, but there was an immediate reaction, bringing the price back to $42,500. This reaction was not sufficient enough to make the price continue growing and it corrected again a couple of hours ago.

 

The overall reactions in the short-term window could be manageable within hours, allowing investors to place multiple positions and exploit volatility over the market.

 

Bitcoin / US Dollar - Day Trading View
Bitcoin / US Dollar – Day Trading View in Bitcoin Price Analysis, image from Tradingview

Cardano Price Analysis: Cardano / USD– General Overview

After hitting an all-time high level in August 2021 at $3.00, Cardano has lost more or less 50 % of its value, returning to previous price levels and exploring positions that have been through the previous months.

 

As the Cardano market has hit a local bottom around $1.20, the next phase for it will be a reclaim of previous higher levels, with a first goal to be the $2.00 target. The $2.00 point has acted as a support zone for the entire fall of 2021, indicating that this would become the first return point, in case of bullish action. The recent ups and downs have moved between $1.20 and $1.60, creating a volatile window that could be exploited in the next few days.

 

The moving averages crossed each other, creating a positive signal for the market. The signal was confirmed instantly as the Cardano price hit $1.60. The correction was immediate and the price returned to $1.40 in just 2 (two) days.

 

The trading volumes skyrocketed after the cross, indicating that some investors bought in the signal but an equal amount of bears found the opportunity to sell a part of their portfolio. Volumes like that will lead the market in the next step and probably will bring it to higher levels.

 

Cardano / US Dollar - General Overview
Cardano / US Dollar – General Overview in Cardano (ADA) Price Analysis, image from Tradingview

Cardano / US Dollar – Short Term Overview

In the short-term window of this Cardano Price Analysis we can observe that the market is trying to move out of stability zones, making small steps every day. As the market bottomed around $1.12, the possibilities for a minor bullish reaction were more than ever. The bullish reaction could be repeated in the short-term future.

 

The steps for reaching a higher price have been clear, conquering $1.30 and $1.40 in consequent days. A similar pattern could emerge in the next few days as the market is moving in this direction.

 

 

 

Cardano / US Dollar - Short Term View
Cardano / US Dollar – Short Term View of Cardano (ADA) Price Analysis, image from Tradingview

Cardano Price Analysis: ADA / USD – Day Trading Overview

The volatility in the day trading window of this Cardano Price Analysis we can see ADA has been higher than ever before, especially during the last days. The intra-day volatility could exceed 10 %, indicating that there are plenty of opportunities in the Cardano market to exploit more and more positions.

 

More detail of the Cardano Price Analyis is the moving averages have confirmed the movements in the Cardano market, bringing the market in a favorable position regarding day traders’ aspects. There are plenty of opportunities in the altcoin market but the risk involved is much higher. Thus, we should be more careful and constantly analyze every move in the market.

 

 

Cardano / US Dollar - Day Trading View
Cardano / US Dolalr – Short Term View Cardano (ADA) Price Analysis, image from Tradingview

Cardano (ADA) / US Dollar – Indicators

MACD (Moving Average Convergence Divergence) index has been positive through the last days, indicating that the green momentum has contributed to the bullish reaction. The momentum in the Cardano market (like every altcoin) is correlated with the Bitcoin momentum and the expectations for the Cardano market are pegged with Bitcoin’s movements.

 

The RSI (Relative Strength Index) index had moved around value = 65 when the spike reached $1.60, and the reaction was immediate from the market. Now, the RSI value remains around 53, which indicates that the market remains unsure about the next move. We believe that more technical indicators should be examined to extract a safe prediction for Cardano.

 

Cardano / US Dollar - Indicators
Cardano / US Dollar – Indicators in Cardano (ADA) Price Analysis, image from Tradingview

Conclusions

Bitcoin moved around $41,200, breaking the parallel channels and continuing the consolidating position in the market. The expectations are still on the waiting side but soon, we will see another breakout move, that could have more impact on the altcoin market also. Read our previous Bitcoin Price Analysises here!

 

Conclusion of the Cardano Price Analysis: Cardano had been one of the positive surprises of 2021, but the current phase has been volatile. This volatility remains at friendly levels, especially for day-traders, showing that there are several opportunities in the altcoin market for several positions across it.

George Foroglou

George Foroglou

George Foroglou heard first time about Bitcoin in a Christmas dinner in December 2013. As Finance student, he published articles regarding Bitcoin adoption, blockchain applications and IoT monetization strategies. From 2017, he is an active trader in the Bitcoin and other altcoins market, using mostly Technical Analysis. He has worked for plenty web portals, giving insightful articles about technical and fundamental analysis.

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