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

Steve O'Hare Signal 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

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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