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Candidate wave 1+2 complete. wave 3 next?
Cardano resistance zone at $0.089 is quite big, tested the zone 9 times over the last 7 weeks, on the opposite side, 20MA is supporting the price zone also. so price in bound between 20MA and $0.089 resistance. If we do break the 20MA support the next target would be $0.063 (Green Box).
Long trade on a speculative wave 2 low inferred from confluence of base channel shadows.
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 ...
- Structure: Sideway
- Double top and bottom
- The pirce closed above support
--> Given double bullish candle
- Minor trend: Downtrend is broken.
- Higher high forming
- The price is pullback
--> Given signal Buy
ADAUSD is entering into a large demand zone. Should be prepared to scale in around this price point over the next few months. Also stay concious of down trend could be important in future.