In his latest YouTube video, crypto trader and analyst Dan Gambardello shared his technical analysis for Bitcoin (BTC) and Cardano (ADA). Gambardello began by noting that there is a lot of earnings data coming out this week that could have a significant positive impact on the crypto market.
Looking at BTC’s daily chart, Gambardello identified a positive price channel after the market leader’s price printed higher highs and higher lows over the last few weeks. However, he also stated that there is a lack of structure present on BTC’s daily chart. Gambardello referenced BTC’s daily chart in 2019, which displayed a similar lack of structure. He noted that the moving averages on BTC’s daily chart acted as stepping stones for the crypto’s price back then, and they are currently doing the same.
Despite the bullish price channel on BTC’s daily chart and the moving averages acting as a positive stepping stone, Gambardello warned that there will always be a downside risk. As a result, he shared that BTC’s price may drop to the $27k-$28k zone this week if the earnings being released this week are negative.
Moving on to ADA, Gambardello highlighted that ADA’s price has crossed and closed above the 50-week moving average. This is an event that has not happened since 2020, according to Gambardello. He also mentioned that this event is significant because it is the sign of a new bullish era for ADA and the broader crypto market.
The recent close above the 50-week moving average has resulted in Gambardello setting his first upside target for ADA at $0.55. He stated that a break above this level would see ADA’s price target $0.70 in the medium to long term.
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In conclusion, Gambardello believes that BTC and ADA may breakout this week, but there is always a downside risk to consider. It will be interesting to see how the crypto market reacts to the earnings data being released this week and whether BTC and ADA can continue their upward momentum.