Renowned crypto trader and analyst Dan Gambardello have recently released his latest technical analysis for Bitcoin (BTC) and Cardano (ADA) in a comprehensive Youtube video. Gambardello highlights the upcoming earnings data set to be released this week, which he believes could significantly impact the crypto market. His expert insights and analysis provide valuable information for investors looking to make informed decisions in the ever-evolving world of cryptocurrency.
Gambardello has reported a promising development on BTC’s daily chart, with a positive price channel emerging as the market leader’s price has consistently reached higher and lows in recent weeks. However, the trader noted a need for more structure on the same chart.
Gambardello noted BTC’s daily chart in 2019, which exhibited a lack of structure. He pointed out that the moving averages on BTC’s daily chart were stepping stones for the cryptocurrency’s price then. In his latest video, he reiterated that the moving averages are currently playing a similar role in supporting BTC’s price. This astute analysis highlights the importance of technical indicators in understanding market trends.
Although BTC’s daily chart shows a bullish price channel and the moving averages are providing a positive foundation, Gambardello cautions that there is always a potential downside risk. In light of this, Gambardello has advised that if the earnings released this week are negative, BTC’s price may dip to the $27k-$28k range. It’s important to remain vigilant and consider all potential outcomes in the ever-changing world of cryptocurrency.
In terms of ADA, the astute trader emphasized that the cryptocurrency’s price has successfully surpassed and maintained its position above the 50-week moving average. This noteworthy occurrence has yet to be observed since the year 2020, as Gambardello pointed out. The trader further elaborated that this development holds great significance, as it signals the dawn of a promising bullish era for ADA and the wider crypto landscape.
Following a recent close above the 50-week moving average, Gambardello has established an initial upside target for ADA at $0.55. The seasoned trader has indicated that a successful breach of this level would pave the way for ADA’s price to reach $0.70 in the medium to long term. This development marks ADA’s significant milestone and underscores its growing confidence in its market potential.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
