As you see we hit yearly pivot Support 1 from previous year. That is why price stalled. But since its downtrend and price is under bearish volume pressure (AD line si very bearish) I expect to see a breakout to current Support 1 as it already touched it several times - the more touches, the weaker the support level.
Cardano! Shelley! Or just a flop? Buy the rumour, sell the news? Seems like this is what happened to Cardano, with a nice swing high, breaking out from its inverse HnS, together with much news on the explorer, partnerships, Shelley testnet etc. Anyway, enough ranting about old news. So what is the chart telling us now? I'm rather optimistic for the following...
Simple TA on Basic Attention Token (BAT) No complex TA, just plain vanilla. Looking at the longer term support trend, we see BAT testing this support with an increasing divergence on the RSI. The likelihood of BAT pivoting at this point is not clear yet, as it is still too early to tell. Regardless, I'd say this is a good RR ratio with a tight stop...
If we break down the 4h there is a possibility we correct further heading towards the monthly Pivot around 7.6k. A Daily close lower than this is considered short-term bearish.
Some simple and irrelevant lines on a chart along with the other convoluted TA out here to gorge on. I don't have any other advice other than 'see the price' and it looks like a bear flag , so maybe it isn't. Take a gander at your Bollinger Bands on 4H with 230 Period Length @ 1.2 StdDv More on volatility theory on DadSharks Page (see image link)
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