Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) Talking points:
- Bitcoin (BTC / USD) is testing trendline support after falling below $ 48,000. has fallen
- Ether (ETH / USD) bounces back from $ 3,000
- Cardano (ADA / USD) holds above the major Fibonacci resistance at USD 2.50
- Explosions in Kabul Afghanistan weigh on risk sentiment; important risk events can be an additional catalyst for volatility and price movements
Bitcoin (BTC / USD), Ether (ETH / USD) and Cardano (ADA / USD) all suffered losses after an impressive rally earlier this week. The move that re-tested Bitcoin (BTC / USD) $ 50,000, a level last hit in May, also allowed Cardano (ADA / USD) to hit an all-time high of $ 2.97 and the cryptosphere’s total market cap again to push over USD 2 trillion.
As the risk mood now affects both the Kabul attacks and the Speech by US Federal Reserve Chairman Jerome Powell in Jackson Hole, despite a slight recovery from Thursday’s slide, crypto prices remain on high alert.
Related articles: How will Jackson Hole affect the US dollar, stocks and gold??
Bitcoin (BTC / USD) threatens trend line support
After biking back above $ 50,000 earlier this week, BTC / USD tumbled to $ 46,300 before regaining $ 47,000, which continues to support the bulls. As prices continue to track the 8 period Exponential moving average (EMA), the Commodity Channel Index (CCI) below, an indication that the momentum of the uptrend has lost momentum
Bitcoin (BTC / USD) daily chart
Chart created by Tammy Da Costa with TradingView
For now, a break below $ 47,000 could cause Bitcoin prices to test the next level of support at $ 42,293, the 38.2% fibonacci retracement level of the April-June 2021 move.
Cardano (ADA / USD) pulls back from all-time high
Cardano (ADA / USD) prices continue to be supported at the moment by the key psychological level of USD 2.50, which continues to support the impending move. After rising a massive 189% from the $ 0.98 low in July 2021, the ADA bulls encountered a resistance wall at the key psychological level of $ 3.00 before reverting to previous resistance and in support of 2, 5 USD were.
With prices still sticking to the 8-period exponential moving average (EMA), the Commodity Channel Index (CCI) remains in the overbought area and threatens to fall back into the range.
Cardano (ADA / USD) daily chart
Chart created by Tammy Da Costa with TradingView
— Written by Tammy Da Costa, Analyst for DailyFX.com
Contact and follow Tammy on Twitter: Reply to @ Tams707
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