After the recent structural shift in the crypto market, ADAUSD (Cardano) gave us an ascending correction which lead up to the 61.8 fibonacci level and is on it's way down. The main target is the -0.27 fibonacci where we'll complete the ABC correction.
In the meantime, will be looking for any shorting opportunities via a bear flag or break and retest.
Ada has completed its 5 waves according to Elliot waves and started its correction from 2.48$.
Considering that it has repeatedly attacked the support of about 1$ but failed to break it, we predict that in the continuation of the correction process, it will have a distance to the area of 152$ to 154$.
And breaks this support with strength, continue this decline to...
A very immediate term short term extreme bear case. Drastic pullback to retest the key trend line that was previous resistance now into support? Then onwards with next bull case wave up in line with btc.
Current market cap it around $45billion.
Target for next bull wave would put ADA market cap at around $250-$300 billion.
Dollar cost averaging here on the way...
Big moves seen across the Crypto board, lower timeframe breakout has since seen a one way rally.
Possible market corrections from our $40-$41k price. Eyes peeled for rejections and range continuations.
Cardano has had a few attempts to break out this year but somehow manages to lose steam on its way up. We are now approaching a pivotal price 1.15 where we have multiple confluences for the upside. However if we break that level, we could see Cardano tumble much lower than the major bull run this year.
Again we have a descending trendline which we will be...
Nice little bounce from our confluence zone, £1600 price, H4 demand and S/R.
Little threat on the lower timeframe but seemed to hold on the H4 close nicely, Almost at £1700 price, which would offer the initial 2R, possible first TP target if profits not already been taken.
In our last analysis of ADAUSDT, we were waiting for a break of the descending trendline which we thought to be a falling wedge at the time. We haven't broken it yet and since then we spiked down to retest the $1 mark where we have previous structure, 200EMA and the major trendline.
For confirmation, we are waiting for the break of the descending trendline to...
Cardano is approaching an area of interest where we believe has the highest probability of reversing. We are approaching the 1.23 level within a falling wedge which is typically a reversal pattern. We also have the 78.6 fibonacci level and we are above the 200EMA. All these confluences give us a high probability chance that ADAUSDT may reverse in that area.
From the chart we can see various phases for Bitcoin. In technical analysis, we have various patterns for various phases of the market.
Impulse - large bodied candles signifying strong move in the market
Ascending/Descending corrections - happens at the end of a trend indicating a reversal is near
Flags & Pennants - a trend continuation pattern
We can see that...
In our last analysis of Cardano, we managed to push up 30% from our entry zone. We marked out the $1.90 zone as a potential area where price would face resistance. Price tested that zone and is creating what looks to be a bullish correction. Price is creating higher highs and higher lows indicating that bullish momentum is kicking in.
Watching closely for price...
". There is a possibility of temporary retracement to the suggested support line (1.6461).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
. ADAUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
From our last Bitcoin analysis, not much has changed. We are still between 2 important levels $30K and $42K. The more important level to keep an eye on is the $42K level as that is the recent bearish swing point. If we manage to break that, the structure will shift from bearish to bullish.
We will keep a close eye on this an update as it progresses.