Bitcoin and Cardano’s ADA – Weekly Technical Analysis – February 8th, 2021

Bitcoin

Bitcoin, BTC to USD, rallied by 17.27% in the week ending 7^th February. Following on from a 2.51% gain from the previous week, Bitcoin ended the week at $38,837.0.

A mixed start to the week saw Bitcoin fall to a Monday intraweek low $32,333.0 before making a move.

While steering clear of the first major support level at $28,710, Bitcoin fell through the 23.6% FIB of $33,008.

Finding support on the day, Bitcoin rallied to a Saturday intraweek high $40,900.0.

Bitcoin broke back through the 23.6% FIB and broke through the first major resistance level at $38,138.

In spite of a pullback from $40,000 levels, Bitcoin avoided a fall back through the first major resistance level.

5 days in the green that included a 5.99% rally on Tuesday and a 5.87% gain on Wednesday delivered the upside for the week.

For the week ahead

Bitcoin would need to avoid a fall through the $37,357 pivot to support a run the first major resistance level at $42,380.

Support from the broader market would be needed for Bitcoin to break out from 8^th January’s swing hi $41,969.0.

Barring an extended crypto rally, the swing hi and the first major resistance level would likely cap any upside.

In the event of an extended breakout, Bitcoin could test resistance at $45,000 before any pullback. The second major resistance level sits at $45,924.

Failure to avoid a fall through the $37,357 pivot would bring the first major support level at $33,813 into play.

Barring an extended sell-off, Bitcoin should steer clear of the 23.6% FIB of $33,008. The second major support level sits at $28,790.

At the time of writing, Bitcoin was down by 1.98% to $38,069.0. A mixed start to the week saw Bitcoin rise to an early Monday high $39,150.0 before falling to a low $37,947.0.

Bitcoin left the major support and resistance levels untested at the start of the week.

Cardano’s ADA

Cardano’s ADA surged by 92.03% in the week ending 7^th February. Reversing a 2.43% loss from the previous week, Cardano’s ADA ended the week at $0.6625.

It was a bearish start to the week. Cardano’s ADA fell to a Monday intraweek low $0.3292 before making a move.

Steering clear of the 23.6% FIB of $0.3268 and first major support level at $0.2877, Cardano’s ADA surged to a Sunday intraweek high and a new swing hi $0.7151.

The week-long rally saw Cardano’s ADA break through the week’s major resistance levels.

In spite of a pullback to sub-$0.70 levels, Cardano’s ADA avoided a fall back through the third major resistance level at $0.5999.

6-days in the green included a 22.15% surge Friday and an 18.32% rally on Saturday contributed to the upside in the week.

For the week ahead

Cardano’s ADA would need to avoid a fall through the pivot level at $0.5689 to support a run at the first major resistance level at $0.8087.

Support from the broader market would be needed, however, for Cardano’s ADA to break out from last week’s swing hi $0.7151.

Barring another extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another extended breakout, Cardano’s ADA could test resistance at $1.00 before any pullback. The second major resistance level sits at $0.9548.

Failure to avoid a fall through the pivot level at $0.5689 would bring the 23.6% FIB of $0.5528 and the first major support level at $0.4228 into play.

Barring an extended sell-off in the week, Cardano’s ADA should steer well clear of sub-$0.50 levels, however.

At the time of writing, Cardano’s ADA was down by 2.85% to $0.6436. A mixed start to the week saw Cardano’s ADA rise to an early Monday high $0.6814 before falling to a low $0.6299.

Cardano’s ADA left the major support and resistance levels untested at the start of the week.