Cryptoanalyst believes ADA and BTC may break out this week of CoinEdition

by Arthur · April 17, 2023

Dan Gambardello recently uploaded his latest technical analysis for BTC and ADA.
According to the trader, both BTC and ADA could break out this week.
The trader added that the large amount of earnings data coming out this week will affect the crypto market.

Crypto trader and analyst Dan Gambardello recently shared his latest technical analysis for Bitcoin (BTC) and Cardano (ADA) in a Youtube video. In the video, the trader starts by saying that there is a lot of earnings data coming this week that could have a significant positive impact on the crypto market.

BTC/USDT Daily Chart (Source: TradingView)

According to Gambardello, there is currently a positive price channel on BTC’s daily chart after the market leader’s price has hit higher highs and higher lows in recent weeks. Aside from this price channel, the trader stated that there is a lack of structure on BTC’s daily chart.

Gambardello also referenced BTC’s daily chart in 2019 which showed a similar lack of structure. Referring to BTC’s chart in 2019, the trader stated that the moving averages on BTC’s daily chart acted as a springboard for the crypto price back then. He then added in his video that the moving averages are currently also acting as a springboard for BTC’s price.

Despite the bullish price channel on BTC’s daily chart and the moving averages acting as a positive springboard, Gambardello warned that there will always be a downside risk. As a result, Gambardello shared that BTC’s price could fall to the $27k-$28k zone this week if earnings released this week are negative.

ADA/USDT Weekly Chart (Source: TradingView)

Regarding ADA, the trader 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. The trader also mentioned that this event is important because it signals 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 initial upside target for ADA at $0.55. The trader stated that a break above this level would give ADA a price target of $0.70 in the medium to long term.

Disclaimer: The views and opinions, as well as all information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.