Vermillionz

Cardano (ADA) Analysis - 1/30/18

BINANCE:ADABTC   Cardano / Bitcoin
CARDANO
- RSI @ 31.8, signaling ADA is oversold.
- MACD recently failed an attempt to cross and has since been following a downward trend. MACD may attempt to cross again, but it all depends on BTC             right now.
- Bollinger Bands have been narrow for some time, signaling a trend has formed and will continue for some time. Bollinger Bands seem to be in the first stages of widening, meaning a breakout is to come. Since we are in a descending triangle , breakout may indeed be bearish .

Cardano has a symmetrical triangle forming. BUT we also see a descending triangle as well, signaling bearish movements.
A downward price channel has been drawn out, if ADA can break upwards out of this channel, expect possible further bullish movements and a potential breakout upwards past the symmetrical triangle.
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