The cryptocurrency market has been experiencing some exciting movements recently, and the crypto analyst behind the popular YouTube channel, Crypto Capital Venture, believes that Bitcoin and Cardano could be on the verge of significant breakouts. In his latest video, published on November 24th, the analyst pointed out the building momentum in both Bitcoin and Cardano, highlighting key resistance levels and bullish patterns that could pave the way for potential upside movements.
Potential Breakout for Bitcoin
The crypto analyst identified a key long-term resistance level at around $38,000 for Bitcoin. He also mentioned that there is shorter-term overhead resistance on the six-hour chart. If Bitcoin manages to break above these resistance levels and make a move towards the upper trendline, it could signify a breakout from the current channel. This kind of breakout has not been witnessed in previous cycles, indicating the possibility of a new bullish period for Bitcoin. However, the analyst also acknowledges the potential for a pullback towards the $33,000 level before any significant upward movement occurs.
Exciting Price Action for Cardano
The analyst finds the price action of Cardano’s ADA even more exciting. He highlights a bullish breakout from a long-term falling trendline, indicating a potential upward movement. ADA is currently positioned above its 20-week and 50-week moving averages, suggesting there is still significant room for growth before reaching overbought levels. Unlike other tokens that have already experienced parabolic advances, Cardano could have a more sustained upside momentum.
An ascending triangle pattern on the daily ADA-USD chart suggests a measured moving target of around $0.45 if resistance at $0.40 is breached. This breakout could set the stage for testing key resistance levels around $0.70 in the future. However, the analyst warns that a failure to hold the 20-day moving average on a pullback could lead to a steeper decline in ADA’s price.
Overall, the crypto analyst sees signs of brewing upside momentum for both Bitcoin and Cardano. If sustainable breakouts occur in the short-term, it could signify the start of a new bullish period for cryptocurrencies heading into 2024. However, the analyst also cautions that the market could experience choppy and sideways price action, which should not come as a major surprise to investors.
Both Bitcoin and Cardano are showing promising signs of potential breakouts. The crypto analyst highlights key resistance levels and bullish patterns that support the possibility of upside movements in both cryptocurrencies. While there are no guarantees in the volatile crypto market, these indicators provide some optimism for investors looking for opportunities in the coming months. It will be interesting to see how these potential breakouts unfold and if they can pave the way for a new bullish period in the crypto market.
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