Crypto Analyst Believes ADA and BTC May Breakout This Week

  • According to the trader, both BTC and ADA may break out this week.
  • The trader added that the large amount of earnings data coming out this week will impact the crypto market.

The crypto trader and analyst Dan Gambardello recently shared his latest technical analysis for Bitcoin (BTC) and Cardano (ADA) in a Youtube video. In the video, the trader starts off by stating that there is a lot of earnings data coming out this week which may have a notable positive impact on the crypto market.

Daily chart for BTC/USDT (Source: TradingView)

According to Gambardello, there is currently a positive price channel on BTC’s daily chart after the market leader’s price printed higher highs and higher lows over the last few weeks. Other than this price channel, the trader stated that there is a lack of structure present on BTC’s daily chart.

Gambardello also referenced BTC’s daily chart in 2019 which displayed a similar lack of structure. When referencing BTC’s chart in 2019, the trader stated that the moving averages on BTC’s daily chart acted as stepping stones for the crypto’s price back then. He then added in his video that the moving averages are currently acting as a stepping stone for BTC’s price as well.

Despite the bullish price channel on BTC’s daily chart and the moving averages acting as a positive stepping stone, Gambardello did warn that there will always be a downside risk. As a result, Gambardello shared that BTC’s price may drop to the $27k-$28k zone this week if the earnings being released this week are negative.

Weekly chart for ADA/USDT (Source: TradingView)

With regards to ADA, the trader highlighted that ADA’s price has crossed and closed above the 50-week moving average. This is an event that has not happened since 2020 according to Gambardello. The trader also mentioned that this event is significant because it is the sign of a new bullish era for ADA and the broader crypto market.

The recent close above the 50-week moving average has resulted in Gambardello setting his first upside target for ADA at $0.55. The trader stated that a break above this level would see ADA’s price target $0.70 in the medium to long term.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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