Cardano Technical Analysis: Chart Patterns and Bullish Bias.
Conclusion for today’s Cardano Analysis: Price closing above ~0.00000522 confirms a double bottom chart pattern, and therefore implies higher price in Cardano (ADABTC).
Cardano analysis for today is provided on a log scale, with focus on price action from April 2019 till date. A falling wedge (ideally bullish) chart pattern is used to highlight the current downtrend that has lasted well over 5 months.
Also included to help monitor price action is the 200 and 50 moving average with a bearish crossover (50 below 200) occurring on April 26, 2019. The current downtrend did successfully test a price low of ~0.00000398 on August 9, 2019 and again reached within the vicinity of the previous price low with price terminating at ~0.00000403 on September 6, 2019.
The August 9, 2019 and September 6, 2019 price lows are used in this Cardano analysis as the base for a double bottom chart pattern (ideally bullish). A close above the highest peak (~0.00000522) between the price lows confirms the pattern and hence higher prices to be expected in Cardano (ADABTC).
Adding to the current bullish bias is price action presently trading above its 50 moving average that is also gaining an upward (positive slope). The point of invalidation (POI) for the bullish analysis above occurs on a close below ~0.00000398 at which point the downtrend would have been re-established.
Cardano analysis for today is provided on a log scale, with focus on price action from April 2019 till date. A falling wedge (ideally bullish) chart pattern is used to highlight the current downtrend that has lasted well over 5 months.
Also included to help monitor price action is the 200 and 50 moving average with a bearish crossover (50 below 200) occurring on April 26, 2019. The current downtrend did successfully test a price low of ~0.00000398 on August 9, 2019 and again reached within the vicinity of the previous price low with price terminating at ~0.00000403 on September 6, 2019.
The August 9, 2019 and September 6, 2019 price lows are used in this Cardano analysis as the base for a double bottom chart pattern (ideally bullish). A close above the highest peak (~0.00000522) between the price lows confirms the pattern and hence higher prices to be expected in Cardano (ADABTC).
Adding to the current bullish bias is price action presently trading above its 50 moving average that is also gaining an upward (positive slope). The point of invalidation (POI) for the bullish analysis above occurs on a close below ~0.00000398 at which point the downtrend would have been re-established.
