Trading within a Corrective Channel formation.
The medium term bias remains bearish.
A break of 0.03720 is needed to confirm follow through negative momentum.
The formation has a measured move target of 0.01644.
Further downside is expected, however, due to the strong support below we prefer to sell a break of 0.03720, which will confirm the bearish...
ADA has put in a very nice low at the 0.5 fib, completing the wave 4.
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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).
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