This is one of the most beautiful charts we have in Cryptolands today and for sure - it is a BEAST. Yes, you are absolutely right! We are talking about Cardano.
- On the chart, we have the S/R flip. Yes, price action traders are drewling all over the place!
What does it mean? - S/R flip stands for Support and Resistance flip and as you can see price fell down below the lowest black line in November only to climb back up to re-test it in the ending of 2018 and it blew right through! Now during this year a re-test of this S/R-Zone occured at February 8th and Mars 5th which is is a really bullish sign!
Did you zoom out? - Do it! You will see the huge formation of an ABC-correction in the Elliot Wave Theory and like no other tool, these waves defines the maturity of trend which tells us where we stand in this trend. This is incredibly valuable information.
What else do we have? - Well, you probably already know about the H&S pattern. This inversed major reversal formation is telling us that we are building bottom signaling the prior trend is reversing or has already reversed. Volume looks good too.
And... just in case you missed it we have now blasted through the Daily MA200 in black and tested it. She looks primed and good to go. If you like moon, remember ADA is building a spaceship :)
Maybe we will post some more detailed technical analysis on Cardano. If you have any suggestions make sure to smash that like and let us know in the comment section.
This is not financial advice.
/onefouronetrading