Cardano (ADA) price could be preparing for a massive drop towards $0.20. Investors wonder which direction the Bitcoin (BTC) trend will go. Technical indicators point to more upside potential, but pitfalls could emerge as high as $31,700. As Kriptokoin.com, we report the price analysis, expected levels, and analyst opinions for Cardano and Bitcoin.
Technical data on Cardano chart shows decline
Cardano price may be preparing for the last capitulation low. Technical data shows a deepening decline towards $0.20. Investors should be very cautious, as the falling wave indicates a potentially upward 20 percent countertrend area from the current $0.55 price. Still, market scalpers (trading to profit from small price changes) should read the chart well, as the slope of the downtrend shows the current price inside an expanding, unfinished wave 3. Cardano price could either sweep Monday morning lows or break through last week’s low of $0.44 before more uptrends are formed.
Still, investors should aim to maximize potential reward while managing their risk safely. Before entering a short position, traders should consider waiting for the last 4th leg to appear in the $0.65 region. It is worth noting that the Relative Strength Index is showing hidden bearish signals, further reinforcing the idea of further declines in the coming days. Invalidity for the downtrend is a break at $0.87. If this level is touched, the downtrend will be invalidated and the bulls could target $1.20 later, resulting in a 100 percent increase from the current Cardano price.
Note these levels for Bitcoin
Bitcoin price shows promising price movements. Intraday traders looking at the current BTC price are probably reading the current price as being a little oversold and looking to push the level to 43,000. The bulls support this short-term bullish idea as the Bitcoin price has set up its first impulsive wave since the 26,750 low last week.
Bitcoin price, the Fibonacci indicator for retracement at 28,855 suggests a target of $33,000 and potentially $36,000 for the bulls to target if the impulse continues to emerge. A close above $31,700 could invalidate the potential for a flat widening bull trap and add more confidence to an emerging wave C rally. The invalidation of the uptrend is the break below $26,750 right now. If the bears can break this level, the next target will be $24,500, resulting in an 18 percent drop from the current Bitcoin price.
