Dan Gambardello’s latest YouTube video provides a thorough technical analysis of Bitcoin (BTC) and Cardano (ADA), focusing on daily charts, trends, and price movements. His insights aim to deliver clear and precise technical perspectives on these top crypto assets.
BITCOIN Path Forward…CARDANO Has Some Work To Do!Intro 00:00Zoom out 00:25Bitcoin price resistance 1:00Here is BTC price support 2:40iTrustCapital 4:25Cardano zoomed out 5:40Crucial ADA daily price move 8:00 pic.twitter.com/ctIZgqsGRd
— Dan Gambardello (@cryptorecruitr) July 25, 2024
Bitcoin Price Analysis
According to Gambardello, Bitcoin’s daily chart shows resilience despite recent price movements. He emphasizes the importance of zooming out to understand the broader macro bullish trends, stating, “Zoom out on the cycles… there is just a lot of macro bullish confluence.”
Various indicators, including on-chain metrics and global events, support this view. Currently, Bitcoin faces resistance at a Fibonacci level, with four consecutive daily red candles indicating this struggle.
Bitcoin has been in a consolidation phase since March, with breakout targets identified. Gambardello highlights the role of moving averages, specifically the 50 and 20 day averages, in anticipating potential pullbacks.
BTC Has Not Failed Yet
He notes that Bitcoin’s price movement from $53,000 to $68,000, followed by normal pullbacks, signifies a healthy chart. He explains, “Bitcoin was just at $53,000… made its way up to $68,000… current pullback is 100% normal.” The potential for Bitcoin to rebound from these moving averages remains a focal point.
Gambardello stresses the importance of higher lows and red days for maintaining a robust chart structure.
He remarks, “Bitcoin has not failed yet on this daily chart.” The upcoming interaction with key moving averages will be crucial in determining Bitcoin’s next move.
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Cardano Price Analysis
Gambardello reviews Cardano’s performance on the monthly chart, focusing on the MACD indicator. He notes similarities to past cycles, suggesting potential implications for Cardano’s future. He states, “Cardano’s MACD on the monthly… similar area of this cycle.”
Cardano’s daily chart has shown declining prices, causing frustration within the community. The rejection at the 50-week moving average is highlighted as a critical area for improvement.
ADA’s Weekly Chart Frustrating
Gambardello highlights, “Weekly chart is very frustrating to look at… rejection at the 50-week moving average.” Despite these setbacks, Gambardello advises patience, emphasizing that there is ample time left in the cycle for potential growth.
Using Fibonacci retracement levels, Gambardello identifies potential support areas for Cardano. He stresses the importance of waiting to see how these levels play out, drawing comparisons to the last cycle’s similar price movements and consolidation phases.
He advises, “Patience waiting game type of thing for me… I don’t like seeing that happen.”
Conclusion
Gambardello’s video concludes with a reminder to stay patient and maintain a long-term perspective. He acknowledges the current lack of excitement in the market but underscores the significance of these phases in the overall cycle. Moreover, he points that understanding the broader trends and key technical levels, investors can better navigate the crypto market.
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The post Top Analyst Predicts Bitcoin’s (BTC) Path, Calls Cardano’s (ADA) Price Chart ‘Frustrating’ appeared first on CaptainAltcoin.
