ADA is ready to rebound...
Updated
After testing the resistance in the area $ 0.10 for 4 times and being rejected Cardano broke the various supports, going to perform a new test of the bullish trend line that lasted from March 4.Unfortunately at this moment the alts are very weak and follow Bitcoin dad. The trend line has been broken confirming in closing on the daily chart and invalidate also the possible ascending triangle . Next support in 0.074 area did not give any bounce, bringing the market in area 0.065.
This is an area to pay particular attention: today we are under the 200 period moving average on the daily chart , we are above the long-term bullish trend line ,the RSI is starting to show signs of oversold and the hammer candle it is supported to 61.8 fibonacci level.
Now I expect two possible scenarios:
1) LONG: RSI drops in oversold,test support of the long-term uptrend line and confirmation bounce given by the volumes and closure of the candle on the daily chart ( for now 12h candle close is hammer (inversal candle) ; will start a
new uptrend that will retest the channel resistance (dotted line) .
2) SHORT: less probable, break of the long-term trend line confirmed by strong volumes and closure of the daily candlestick under the support line; certainly the minimums of December 2018 will be tested again.
Wait the daily candle close to take position.
Sorry for my English , is very bad.
Good trading at all.
Carlo
This is an area to pay particular attention: today we are under the 200 period moving average on the daily chart , we are above the long-term bullish trend line ,the RSI is starting to show signs of oversold and the hammer candle it is supported to 61.8 fibonacci level.
Now I expect two possible scenarios:
1) LONG: RSI drops in oversold,test support of the long-term uptrend line and confirmation bounce given by the volumes and closure of the candle on the daily chart ( for now 12h candle close is hammer (inversal candle) ; will start a
new uptrend that will retest the channel resistance (dotted line) .
2) SHORT: less probable, break of the long-term trend line confirmed by strong volumes and closure of the daily candlestick under the support line; certainly the minimums of December 2018 will be tested again.
Wait the daily candle close to take position.
Sorry for my English , is very bad.
Good trading at all.
Carlo
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this is picture if you see the fibonacci level
Note
The daily candle of July 15 has closed over the trendline but unfortunately the descent of bitcoin has created panic in the crypto market generating a general dump. Now we find ourselves above the last available area support (0.053-0.049).I do an accurate analysis of fibonacci levels, I noticed that considering only the daily closures and not the maximums at this time we could be above the 61.8 level.RSI shows a bearish trendline, if it is broken and volumes will confirm it will be a clear upside signal
Note
fibonacci level
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2h chartdescending triangle
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