Cardano made a high of 0.00009180 BTC on Jan 4 2018 and has been selling off since then. Wave W of an Elliot wave cycle is believed to have finished and is labelled wave w(in red).So far, the sell off in Cardano is shaping up as a WXY Elliot Wave structure, and we are in Wave Y of the WXY structure.
Also shown on this chart is the long term trendline of Cardano...
The downtrend seems to be coming to an end.
Wait for a positive reaction to the L line of pitchfork or trend line, then you can buy.
Set targets according to the chart.
If she manages to break out of this $30 support level with good volume, you will probably see it come down to the $26 Previous support level. It is a good opportunity for a short if it manages to fall through $30. price is probably headed to test the 200 EMA so make sure you take some profits into strength if you enter trade.
![ADABTC: Short term analysis [4hr tf] analysis for Cardano- SELL OFF!](https://s3.tradingview.com/k/KhGkIjLy_mid.png "Short term analysis [4hr tf] analysis for Cardano- SELL OFF!")
