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50k resistance capping Bitcoin but Cardano at all-time high [Video]

50k resistance capping Bitcoin but Cardano at all-time high [Video]
Steve O'HareSteve O'HareSignal Centre

Cryptocurrencies posted significant net gains on Friday with comments from Fed Chair Powell important in triggering fresh demand.

Bitcoin posted gains to near $49,000 before drifting lower on Saturday.

There was still an element of uncertainty whether strong risk conditions amplified or curbed demand for coins.

Bitcoin was held below the $50,000 level and posted net losses to below $48,000 on Monday with markets still wary over regulatory conditions in China. Losses accelerated in Asia with bitcoin hitting lows below $47,000 before a limited recovery.

Ether posted gains to above $3,250 on Friday and peaked just below $3,350 on Monday before a retreat and test of $3,200 in Asia on Tuesday with very choppy trading underlying conditions.

Cardano re-tested the recent all-time high at $3.00 and looks set to challenge again with $2.47 looking likely to support.

Author

Steve O'Hare

Steve O'Hare

Signal Centre

Steve has over 30 years of trading experience in Commodity, Equity and Fixed Income markets, in both research and trading.

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