MagicPoopCannon

For My Twitter Peeps! CARDANO! (ADA/BTC)

BITTREX:ADABTC   Cardano / Bitcoin
Hi friends! Welcome to this analysis on CARDANO! Congratulations to the 2nd place winners, who voted ADA , during my #CoinVote on Twitter! Let's jump right in, looking at the four hour ADA/BTC chart, we can see that there has been a lot of sideways choppiness . The chop has been on a steady downtrend since the high, and ADA/BTC most recently dropped below heavy support (at the 50% retrace) and defined it as new overhead resistance. You can see that after falling below, ADA/BTC produced two failed attempts to get above the 50% retrace, and then turned lower, which has confirmed that level as heavy resistance. Right now, it's testing the 61.8% retrace, and the low from 2/2/18. If that level falls, ADA/BTC will probably have a swift decline to around 3204. You can see that there is no support between the 618 and 3204, so that area could produce some quick movement.

Looking at the action around the all-time high, you can see that a lopsided head and shoulders pattern was formed. This pattern is sloppy, but it's a head and shoulders , none-the-less. I've made a measurement of the pattern, to assess it's downside potential, and you can see that it extends down below the 78.6% retrace. However, I think that level is a little deep. So, for now, I've placed the target at a more reasonable level, which offered clear support in December. The target is around 2574. However, we need to watch to see if the 618 is broken, before putting a lot of faith in this target. Given the overall bearishness of this chart, I do expect further downside. We need to see evidence, though, of a break below the 618, to know that further downside remains.

The MACD has just produced a bearish crossover, and the volume is practically non-existent. Ultimately, it appears as though ADA/BTC will remain under pressure, as no bullish signs are visible on this chart. On the upside, look for the orange trendline at 4056 to be resistance, followed by the 50 EMA (in orange) and the 200 EMA (in purple.) On the downside, look for a break below the 618, and then a drop to 3204.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
That gap filled nicely
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Can somebody explain the very recent spike?
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thanks!
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What is the status of this one? Bound to go down even further?
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POOR Cardona!

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pisces38 D4rkEnergY
@D4rkEnergY, cant even spell the name right let alone rely on an accurate analysis/assesment from you "traders"
+5 Reply
It will go down, maybe will try to burst out of water to get some air but it is overvalued will go down. This market is much over bought, FOMO driven. There is no fundamentals left in this world.
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If you start the Fib retracement tool at 2574 instead the 78.6% is about 4000. Do you think that is the wrong place to start it?

Thanks!
+2 Reply
Thank you so much @MagicPoopCannon ,Love you man! I was searching best price for long term.
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You gorgeous fucking creature.
+5 Reply
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