Ardor found the support at 2545 satoshi on the 2nd of November. After a corrective wave up it came down, testing and rejecting the same support once again, forming a double bottom.
The following wave up resulted in the break above the descending channel as well as 200 Moving Average suggesting that the trend could be changing from bearish to bullish.
Fibonacci applied to the corrective wave after the resistance breakout shows that at 227.2% retracement at 4170 satoshi a strong resistance is formed and it is corresponding with 61.8$ Fibonacci retracement applied to the 1st of October high and 2nd of November low.
It is highly likely that ADR/BTC will move towards that level and it would be interesting to see the reaction there, whether it will break above or reject this target. Break above should result in more growth. At the same time break below the 2445 satoshi should invalidate this bullish outlook and potentially send Ardor lower.
The following wave up resulted in the break above the descending channel as well as 200 Moving Average suggesting that the trend could be changing from bearish to bullish.
Fibonacci applied to the corrective wave after the resistance breakout shows that at 227.2% retracement at 4170 satoshi a strong resistance is formed and it is corresponding with 61.8$ Fibonacci retracement applied to the 1st of October high and 2nd of November low.
It is highly likely that ADR/BTC will move towards that level and it would be interesting to see the reaction there, whether it will break above or reject this target. Break above should result in more growth. At the same time break below the 2445 satoshi should invalidate this bullish outlook and potentially send Ardor lower.
Comment:
it is still bullish
Comment:
getting to the first target
Trade closed: target reached
Comment:
Nice uptrend continuation