Bitcoin (BTC)

As we have expected and written in our previous analysis, BTC has dipped again and targeted the local support from $6,700. Currently, only huge fans of the technology, the early adopters and those who have enough patience are holding bitcoin. But they were also the ones that became millionaires in the past several years.

Our expectations for the following week are again bearish. Price is now trading sideways between $6,700 and $7,500, but bears are still pushing against the support, targeting a break below. In this scenario, we are expecting for the price to fall towards $6,000-$5.800 during the following week.

Ethereum (ETH)

We were quite harsh with ETH in our last analysis. Our expectations were of continuing the downtrend towards $280. Well, a new low was reached, but Ethereum fans kept the price above $350. The overall sentiment is still negative for the cryptocurrencies, including ETH. Both fundamentals and technical analysis are showing negative signals, thus we are still expecting for the ETH price to continue to drop during the following days. Our weekly target is of $300 for one ETH.

Cardano (ADA)

ADA, the token of the Cardano project, is one of our favourites when it comes to cryptocurrencies, being included in the “majors”, using this term from the FX market. Its price dipped all the way to $0.14 per ADA, being two cents above the key level support at which it started trading back in November.

Very interesting to see is increased volumes during this current sideways move. It is well known that higher volumes during an accumulation area are giving strong bullish signals. Though the general feeling for the following week is bearish when it comes to cryptocurrencies, ADA is one of the few that are giving us hopes of seeing some new local highs.

This cryptocurrency market analysis is being presented by Buroka Tech. Buroka Tech is cryptocurrency-focused technology provider for financial institutions.