Fibonacci Channels are used to determine fibonacci support and resistance levels within an identified trend.
These channels can easily be drawn in both uptrends or downtrends to find potential areas where price action could change.
When drawing a Fibonacci Channel on an uptrend, a clearly identified trend needs to be established with higher lows ...
LONG TERM opportunity levels for cardano (ADA)
. There is a possibility of temporary retracement to 0.96$
. traders can set orders based on Price Action and expect to reach short & long term targets.
. 1 Buy at 0.96$
. 2 Buy above 0.54$/0.39$ zone leads more upside.
Short term Targets = 1.53$, 1.71$,...
with one exception, each rising wedge has respected the last green candle lower body close as the target price once if falls out of the wedge. there was one notable exception when the redistribution fell to a lower level. on a macro basis, it makes sense for the tokens/coins to spend some more time down in this accum range since the whales are still figuring out...
As we can see, ADAUSDT continues to move in the downward channel and no preconditions for a reversal are seen yet. The fall started on June 03 and the ADAUSDT price has dropped 32% since then. If Bitcoin continues to fall, ADAUSDT will fall with it.
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