Cardano - Explosion is ticking! Bull flag ready.
- ADA is definitely ready for a massive breakout on the major 3D/1W chart! I see a lot of signs, which I will show you in this analysis!
- The first bullish pattern is this huge falling wedge, which is very close to a breakout, and you probably want to catch this upcoming explosion!
- Also, we can see the previous descending triangle that broke down in fall 2022. Descending triangles occur before the end of the downtrend, so keep that in mind!
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- On the way up, I see only three significant resistances. The first is the previous wave A, because people can speculate on its continuation to the downside to make an impulse wave. The second is the 0.618 FIB on the LOG scale, which is undeniably strong resistance along with the beginning of wave B. And the third resistance level is the previous all-time high.
- From the Elliott Wave perspective, the whole downtrend from September 2021 to December 2022 looks like an ABC ZigZag correction. This ZigZag is inside the bullish flag, which is especially powerful. Wave C finished at the 1:1 FIB extension from wave A to wave B and at the 0.5 FIB of the previous bull market from 2020-2021, so it definitely makes sense to me.
- Taking profits at the 0.618 FIB appears to be very efficient because after prices reach this level, we can expect sideways price action or a downside correction.
- The crypto market shows strong signs of a trend reversal, and I believe Bitcoin could reach around 30k pretty soon! More Bitcoin ideas will be posted soon, so stay tuned, and I wish you great success and happiness!
- Thank you, and for more ideas, hit "Like" and "Follow"!
