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Bitcoin (BTC/USD) tests critical resistance, Ether and ADA follow

Bitcoin (BTC/USD) tests critical resistance, Ether and ADA follow

Tammy Da Costa, Analyst

Bitcoin (BTC/USD) tests critical resistance, Ether and ADA follow:

  1. Bitcoin (BTC/USD) finding resistance below $46,000
  2. Alt coins wait for further motivation
  3. Ether (ETH/USD) and Cardano (ADA/USD) poised to test further upside potential
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Bitcoin prices are currently resting below the $46,000 mark, a key psychological level for historical moves. With the Federal Reserve recently reiterating their dovish outlook, major cryptocurrencies appear to be thriving off of the recent move with alt coins following in close proximity.

With Bitcoin (BTC/USD) prices now sitting below $46,000, the rollout of the new ETH platform alongside coins such as Cardano (ADA/USD) are edging higher, but BTC remains the key catalyst for the imminent move.

For Bitcoin and other major cryptocurrencies, prices have now pulled back with Ethereum and Cardano (ADA) following in close pursuit. Although regulations still appear vague, blockchain technology has gained the attention of corporates, with many reiterating the impact it may have in the future. Currently, Bitcoin, continues to struggle blow $46,000 with Ether and Cardano (ADA) appearing to be well poised for further movement, following in Bitcoin’s tracks.

Bitcoin (BTC/USD) Daily Chart

Source: Tradingview, Chart by Tammy Da Costa

Meanwhile, Ether remains below $3,200 but continues to strive towards the upper bound of the chart. Should $3,200 be broken, further upside may be expected above $3,400.

Ethereum (ETH/USD) Daily Chart

Chart Prepared by Tammy Da Costa using TradingView

--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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