Price Analysis

Bitcoin (BTC)

In our previous analysis, we were expecting the price of Bitcoin vs USD to drop and retest the support from $9,000. The price action confirmed our theory and the local support was again tested by the market.

Currently, BTC/USD is trading around $10,500 in the key resistance area. In our opinion bulls did not gain enough power to break above $12,000. Hence, for this week, we are expecting the price to continue sideways or even incur another drop to or even below the local support mentioned earlier.

Ethereum (ETH)

No surprise coming from the second largest cryptocurrency on the market, based on the market cap, ETH/USD. The price fell from the latest high of $980 reached this month. Currently, the price action shows a possible continuation of the sideways move, between $800 and $980.

Same as for BTC/USD, we are not expecting the price to breach above the current highs anytime this week.

Cardano (ADA)

The token of the Cardano blockchain, known as ADA, is currently trading close to a very strong support, found at $0.31. Seeing its price action, we think there is a high probability to see a false break below this support before a proper rally. Considering several aspects such as the team behind the project, the funding they have, being one of the few blockchains companies that have an academic approach, and the scheduled updates for Q1 2018, we could say that investors have the possibility of buying ADA at a huge discount.

Once the crypto asset market starts to rally again, ADA has the potential to surpass many of its competitors in a very short period of time. In the scenario of a break above the current resistance found at $0.45, we should not be surprised to see $1 hit in no time.