Breakout of bear channel for Cardano (ADABTC): 4hr tf analysis
My previous post on Cardano (ADABTC) mentioning its change from a bull to a bear channel can be found here:
Cardano (ADABTC) instead of moving to reach the bottom of the bearish channel at ~0.00002514 is holding around the region of previous support (dotted blue lines) that was the support for Cardano (ADABTC) from a couple of weeks ago.
A price break out of the bearish channel on May 16, 2018 implies a potential upside for Cardano (ADABTC). However based on the current sidetrending price action that saw Cardano (ADABTC) close below its breakout of the bearish channel, it is better to be patient to see how price action further transpires before attempting a bullish trade. The ADX as shown in this analysis has a negative slope further confirming the trendless scenario of price action for Cardano (ADABTC).
The point of entry i.e. POE 1 and POE 2 from last week’s post as still favored in this analysis as good entry points for a long (buy) position for Cardano (ADABTC). POE 2 is a more conservative point of entry into a long (buy) position than POE 1. Either point of entry ensures that one is to attempting to pick a price bottom in Cardano (ADABTC) which can be a tougher challenge.
Support indicated by the horizontal green lines from last week’s post still stand and is expected to offer support should Cardano (ADABTC) resume a bearish swing.
Cardano (ADABTC) instead of moving to reach the bottom of the bearish channel at ~0.00002514 is holding around the region of previous support (dotted blue lines) that was the support for Cardano (ADABTC) from a couple of weeks ago.
A price break out of the bearish channel on May 16, 2018 implies a potential upside for Cardano (ADABTC). However based on the current sidetrending price action that saw Cardano (ADABTC) close below its breakout of the bearish channel, it is better to be patient to see how price action further transpires before attempting a bullish trade. The ADX as shown in this analysis has a negative slope further confirming the trendless scenario of price action for Cardano (ADABTC).
The point of entry i.e. POE 1 and POE 2 from last week’s post as still favored in this analysis as good entry points for a long (buy) position for Cardano (ADABTC). POE 2 is a more conservative point of entry into a long (buy) position than POE 1. Either point of entry ensures that one is to attempting to pick a price bottom in Cardano (ADABTC) which can be a tougher challenge.
Support indicated by the horizontal green lines from last week’s post still stand and is expected to offer support should Cardano (ADABTC) resume a bearish swing.