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September 25, 2020
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Guide & Analysis

Price forecast: Bitcoin, Litecoin and Cardano (ADA)

Bitcoin: BTC / USD tries to regain ground; $ 10,000 still out of reach

Bitcoin recently attempted a recovery above $ 9,600, only to return to $ 9,550 at the time of this publication. The main digital currency is moving at a tight interval after violent spins during the first two days of the week.

BTC / USD has lost more than 5% in the past 24 hours; however, its price has been virtually unchanged since the beginning of the day. Bitcoin’s market value is recorded at $ 176 billion, while its market share has decreased to 65%.

The intraday chart shows that the RSI remains stable in the neutral territory. This means that the currency may remain in the current limited range for $ 9,400 on the negative side and $ 9,600 on the positive side.

1-hour BTC / USD Chart

Let’s take a closer look at the support and resistance levels grouped around the current price.

Resistance levels:

$ 9,600 – 23.6% daily Fibo retraction, 1 hour SMA 100, the highest level from the previous week
$ 10,000 – Pivot Point 1-day, resistance 1, the highest level of the previous month
$ 10,200 – Pivot Point, 1-week, 1st highest level resistance from the previous day

Support levels:

$ 9,400 – Pivot Point 1-day, resistance 1, the previous day’s highest level, daily SMA 10
$ 9,300 – 38.2% weekly Fibo retraction
$ 9,000 – 61.8% weekly Fibo retraction

fxsoriginal

Litecoin: LTC / USD needs to remove the 50.00 resistance zone

LTC / USD daily chart

Litecoin performed well on Wednesday after the sharp cryptocurrency on Tuesday. In the daily chart below, there is a huge level of confluence at the 50.00 level.

At the mentioned level, there is psychological resistance, historical support, 38.2% Fibonacci retraction and a simple moving average of 200 (SMA). Yesterday’s candle (Tuesday) seems to have rejected the zone, as the highest price of the day was 49.90.

Looking at the indicators, the RSI is languishing just above zone 50, but there is a clear lack of direction. The MACD histogram is positive just above the midline and the signal lines are also above the zero line, which is also positive. On the negative side, a break of 41.79 would confirm the seller movement, so keep an eye on it.

Litecoin 50.00 level

Cardano: ADA / USD is surprisingly well after the recent market crash

Cardano has enjoyed a strong daily upward trend for the past three months and continues to outperform many of the major cryptocurrencies. The ADA / USD pair is trading at $ 0.0814 at the time of this writing, after defending a critical support level on Tuesday.

Little has changed for Cardano in the short term, as buyers continue to enjoy a significant increase in turnover. Just a few weeks ago, Cardano was barely receiving $ 150 million for 24 hours, a small number compared to the average of $ 550 million negotiated now.

ADA / USD daily chart

ADAUSD

Cardano is seeing a massive increase in its trading volume across all exchanges, a highly positive indicator for bulls. In addition, MACD and EMAs are optimistic, indicating that ADA / USD still has more room to grow.

4-hour ADA / USD chart

ADAUSD

Cardano is within a 4 hour balance pattern with lower tops and higher bottoms. A breach of any of these levels, $ 0.0725 or $ 0.0839, is likely to be accompanied by a significant change in that direction.

Source: FXStreet

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