ninjacookies
Long

ADA Cardano Possible *LONG* Double Bottom after BTC Flash Crash

BINANCE:ADABTC   Cardano / Bitcoin
This is simply a speculative observation, since the markets are quite unpredictable right now and TA is far from insurance.

But ADA appeared to have defended support last night amidst the market blunder, and in the process formed a double bottom which *typically* is an indicator of possible short
to medium term run up.


This idea is further strengthened by the RSI and MacD levels on virtually all time frames.

Again, ADA will have to hold this support line or this idea will become invalidated. But if it does, we may just see new highs, if the run this past week was any indicator.


I would personally wait a bit for the market to stabilize before making a solid decision on possible entry.


Good luck and happy trading.
Comment: Price action has been fluctuating within the 9700-9900 range all day.

If we zoom out to the 1 hour, we will see that we're currently stuck in a wedge and are coming to converging resistance/support lines very soon.



So it will either break up or break down. One could 'technically' argue that it's a giant head and shoulders formation. However, it is my personal opinion that the shoulders are not pronounced enough or have enough amplitude for the formation to be legitimate.

You may have your own interpretation.

The idea of potential bullish upward movement is further aided by the RSI on virtually all time frames.
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