Cardano ADA Technical analysis Fib+ VPVR 12Htf 14/11/21
Cardano currently lies on the 0.618 line of Fibonacci's retractions($2.03), and from there the jump to 0.786 line is expected, which currently lies at about 2,435usd, and we have diagonal resistance between $2.16 and $2.25, after breaking through that level we should expect to jump to $2.43 and then the old ATH which is at ~$3.1.
In the event of a further BTC crash it can pull Cardano below the 0.618 Fib line and cause a fakeout and a return to the bearish channel, because if support is lost on the 0.618 Fib line, we can expect $1,78, then $1.57 that would be equivalent to falling to the middle of the channel.
The technical analysis is worked objectively because both scenarios are possible and all very much depends on what BTC does in the short term as well as the news that makes up a fundamental part of any analysis.
NFI.
Trade responsibly.
In the event of a further BTC crash it can pull Cardano below the 0.618 Fib line and cause a fakeout and a return to the bearish channel, because if support is lost on the 0.618 Fib line, we can expect $1,78, then $1.57 that would be equivalent to falling to the middle of the channel.
The technical analysis is worked objectively because both scenarios are possible and all very much depends on what BTC does in the short term as well as the news that makes up a fundamental part of any analysis.
NFI.
Trade responsibly.