Cardano is repeating identical pattern ahead of big retracement!
Cardano is repeating the same pattern that led to the last retracement at the start of April. The Timings of the waves are almost exactly the same in the lead up (3 days up, 9 days down, 5 days up, followed by a week of contracting highs and lows before a break out).
We're currently just after the 9 days down and I expect that we'll see the price climb over the next 5 days. So far the price movements are 50% of the April retracement:
April - 9days 85% up, 5 days 37% down
July - 9days 42.58% up, 5 days 23.7% down (not exactly 50% but close enough!)
So if it keeps following the April pattern but with 50% of the price action, the small climb over the next 5 days should be around 17.8% to take us to around 0.144 level before coming back down to make a higher low. After this, we can expect another week of choppy price action, but if it maintains the trend and makes new higher lows and lower highs we should see a breakout leading to a big retracement.
It should be considerably smaller than the April retracement but even if its 50% of Aprils we could still be looking at a 100% retracement before coming back down.
Yes we're still in a long term down trend and I expect the prices to come down HARD if we do see this retracement across the crypto market. It won't be sunshine and rainbows from here and big price moves will be few and far between for the next few months. So I hope this idea is correct enough so we have some decent price action to trade up and down.
I'm quite new in learning TA and while I've been focusing most of my attention on other charts, I just noticed this similarity and thought I'd share my first post! Let me know your thoughts.
We're currently just after the 9 days down and I expect that we'll see the price climb over the next 5 days. So far the price movements are 50% of the April retracement:
April - 9days 85% up, 5 days 37% down
July - 9days 42.58% up, 5 days 23.7% down (not exactly 50% but close enough!)
So if it keeps following the April pattern but with 50% of the price action, the small climb over the next 5 days should be around 17.8% to take us to around 0.144 level before coming back down to make a higher low. After this, we can expect another week of choppy price action, but if it maintains the trend and makes new higher lows and lower highs we should see a breakout leading to a big retracement.
It should be considerably smaller than the April retracement but even if its 50% of Aprils we could still be looking at a 100% retracement before coming back down.
Yes we're still in a long term down trend and I expect the prices to come down HARD if we do see this retracement across the crypto market. It won't be sunshine and rainbows from here and big price moves will be few and far between for the next few months. So I hope this idea is correct enough so we have some decent price action to trade up and down.
I'm quite new in learning TA and while I've been focusing most of my attention on other charts, I just noticed this similarity and thought I'd share my first post! Let me know your thoughts.