The crypto analyst behind YouTube channel Crypto Capital Venture believes that both Bitcoin and Cardano could be positioning for significant breakouts in the near future, according to his latest video published Nov. 24th.
While not yet calling a new bull market, the analyst pointed to signs of building momentum, especially in the case of Cardano (ADA).
This move is already happening early this cycle. […] If ADA actually breaks out from here, this is just a little sign.
Regarding Bitcoin (BTC), the analyst has his eye on a key long-term resistance level around $38,000, which aligns with shorter-term overhead resistance on the six-hour chart.
If Bitcoin manages to make the move to the upper trendline here, which is confluent with really this yellow trendline here and break above it, meaning break out of this channel… This is something that that we have not seen really in previous cycles.
At the same time, he believes Bitcoin could still see a pullback first, possibly toward the $33,000 level. However, if Bitcoin can break out above mentioned resistance, the analyst believes it would shake things up and hint that “there’s too much bullishness in terms of what’s going on in crypto.”
As for Cardano’s ADA, the analyst called the price action “even more exciting,” highlighting a bullish breakout from a long-term falling trendline. With ADA positioned above its 20-week and 50-week moving averages, the analyst noted there could be substantial room to run before reaching overbought levels, unlike tokens which have already seen parabolic advances.
An ascending triangle pattern on the daily ADA-USD chart points to a measured moving target around $0.45 should resistance give way around $0.40. A breakout could set the stage for testing key resistance levels around $0.70 later on. However, failure to hold the 20-day moving average on a pullback could lead to a steeper decline.
Overall, the analyst believes both Bitcoin and ADA show signs of brewing upside momentum. If sustainable breakouts can occur over the short-term, it may hint at the start of a new bullish period for cryptocurrencies heading into 2024. Still, he cautions more choppy, sideways price action would also not come as a major surprise.