Cardano Update 2: Will EMA50 be our best friend or worst enemy?
Hello Traders,
As I mentioned from previous analysis, we started to see a clear evidence inverse head and shoulders pattern. There will be few dips along the way, as Bitcoin is still fairly unstable at the moment.
Cardano had a good bounce at 50% fibonacci level and looking to contest 24000 Satoshi in next few days. Hopefully...
There is an interesting trend that I noticed today that I want to bring attention to you guys.
We see that Cardano have contested EMA50 line 5 times since Feb 2nd, and we are keep getting lower lows when Cardano failed to surpass EMA50.
On March 20, we managed to surpass EMA50, but we are contesting this resistance one more "f%&@ing" time. If Cardano manages to surpass this EMA50, it will most likely act as very good support for Cardano.
Don't get too excited though, even if Cardano surpasses EMA50, there is another resistance ahead of us: EMA 200! Unfortunately, end of inverse and head pattern may intersect with EMA200, and this will act as a very strong resistance.
I would sell some Cardano when it reaches to 2400 Satoshi level, and looking to buy in again if I see a clear bullish signals.
If you are long term Cardano holder, do not worry. There will be numerous good news this year and upcoming years. I am looking forward to their Gogeun Testnet Launch, which should take place in sometime in April.
Happy Trading!
As I mentioned from previous analysis, we started to see a clear evidence inverse head and shoulders pattern. There will be few dips along the way, as Bitcoin is still fairly unstable at the moment.
Cardano had a good bounce at 50% fibonacci level and looking to contest 24000 Satoshi in next few days. Hopefully...
There is an interesting trend that I noticed today that I want to bring attention to you guys.
We see that Cardano have contested EMA50 line 5 times since Feb 2nd, and we are keep getting lower lows when Cardano failed to surpass EMA50.
On March 20, we managed to surpass EMA50, but we are contesting this resistance one more "f%&@ing" time. If Cardano manages to surpass this EMA50, it will most likely act as very good support for Cardano.
Don't get too excited though, even if Cardano surpasses EMA50, there is another resistance ahead of us: EMA 200! Unfortunately, end of inverse and head pattern may intersect with EMA200, and this will act as a very strong resistance.
I would sell some Cardano when it reaches to 2400 Satoshi level, and looking to buy in again if I see a clear bullish signals.
If you are long term Cardano holder, do not worry. There will be numerous good news this year and upcoming years. I am looking forward to their Gogeun Testnet Launch, which should take place in sometime in April.
Happy Trading!
It seems like Cardano found some support at 61.8% retracement level, but bear flag is starting to form.
Unfortunately, I do not see major support other than 1600 Satoshi, so it may be possible to reach that level again. If I see Cardano going down, I will short it at 1968 Satoshi and re-buy at the dip.