Bitcoin (BTC), Ethereum Classic (ETC) and Cardano (ADA): Cryptocurrencies stay away from big movements
Bitcoin Price Analysis
Bitcoin BTC price is starting to range after yet another bullish flag pattern on Monday 23. The cryptocurrency is testing the resistance level at $9,000, although the 4-hour timeframe chart is showing no big movements on either side. In fact, the charts show a slight decrease in price, approximately by 0.36%. The upside movement initiated on April 20 faced high selling pressure below $9,000 opening the door for slight downside corrections. However, BTC/USD found a short-term support at $8,750.
The 100 Simple Moving Average has crossed above the longer term 200 Simple Moving Average which could signal more buyers to enter the market. On the contrary, the MACD is moving slightly into the negative territory to show that the path of least resistance is to the downside. Bitcoin price is currently dancing with $8,905 while the downside movements have been capped by the short-term support level at $8,750.
Further down, BTC/USD will find a stronger support close to the 61.8% Fib retracement level with the previous swing high of $9,090 and a low of $6,450. On a broader look at Bitcoin BTC price, this level close to $8,100 will stop declines towards $8,000 which will be the last resort to stop declines in the event of a trend reversal.
Ethereum Classic (ETC) Price Analysis
Ethereum price, on the other hand, appears to be consolidating higher above $20.00 after a bullish weekend that saw it trade closer to $21.00. However, the upside was capped before breaking the $21.00 resistance level. ETC/USD is up 5.83% in the last 24 hours, while there is a growing bullish momentum on the 4-hour timeframe chart.
The technical indicators are pointing to a bullish momentum that could breakout during the intraday trading sessions. The RSI is beginning to point upwards to signal that the buyers have the upper hand. Similarly, the short-term 100 SMA has crossed above the longer term 200 Simple Moving Average which could signal for more buyers to enter the market.
On the downside, the next support for ETC/USD is below $20.00, particularly close to the 61.8% Fib retracement level with the previous swing high of $20.8 and a $13.00 low which is below and close to $18.00 of Ethereum Classic ETC. Consequently, a stronger support is at $16.00 which could stop declines towards $15. The buyers must push for a support above $20.00 to allow ETC/USD to gain upside momentum.
Cardano ADA Price Analysis
Cardano price is exchanging hands in a ranging channel while consolidations are expected to happen above the $0.28 short-term support. The upside has, however, been capped at $0.29, while ADA/USD is down 1.27% in the last 24 hours. Cardano price had sustained an ascending channel where the price traded April’s peak at $0.30. However, the buyers encountered higher selling pressure paving the way for downside corrections.
During the downside, movement, 38.2% Fib retracement level with the previous swing high of $0.30 and a low of $0.24 stopped the price from sliding further down. It instead bounced breaking above the 61.8% Fibo but lacked the momentum to recoil higher above $0.29. The short-term resistance for ADA/USD is at 0.2869 (100 SMA), although the crypto will experience more selling pressure close to $0.29. There is a bearish momentum that is forming on the 30’ timeframe chart, as the price flirts with $0.2847.
On the downside, the 100 Simple Moving Average has crossed above the shorter term 50 Simple Moving average to signal that the path of least resistance is to the downside. Cardano ADA MACD is also dipping into the negative territory to signalling more sellers to enter the market which could push the price much lower.