MagicPoopCannon

Cardano Skips To My Lou (ADA/BTC)

BITTREX:ADABTC   Cardano / Bitcoin
Hello friends! Welcome to this update analysis on Cardano! Let's jump right in. Looking at the four hour ADA/BTC chart, you can see that Cardano has continued to the downside. If you recall from my last post, I said "Right now, it's testing the 61.8% retrace, and the low from 2/2/18. If that level falls, ADA/BTC will probably have a swift decline to around 3204." As you can see, the 61.8% retrace has fallen, and ADA/BTC is making a quick move toward 3204, as anticipated. If Cardano reaches 3204, that level should provide some initial support. There is virtually no support, between here and there, so I doubt the decline will be interrupted. Volume is dismal, and the MACD hasn't got any real momentum behind it, which is why this chart is printing very small candles. Overhead resistance is now falling above Cardano too. You can see that the 20 EMA (in blue) is just above, and it's curving lower with the price action. ADA/BTC actually hasn't surpassed the 20 EMA in the past seven days. The 50 EMA (in orange) is just above that. We also have the 618 and the orange resistance level , slightly above the current price action as well. So, there is a lot of overhead resistance, and little downside support. Therefore, the path of least resistance is lower. Good luck trading everyone.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

-JD-
Update ?
+2 Reply
Little bounce off the Dec 19 high... will it hold...
Reply
Hi Mr Magic ! Thanks again for the deep insight ! Love it !

Question for you my dear :
- Bitcoin is only 25% of ADA marketcap. The main part is from KRW correan fiat currency
- Bitcoin will hit 12k if few days and there's a big probability it will bounce and go down for a while
- It perfectly match the ADA situation where the reversal is waiting to be happen in few days
- ADA price in USD is pretty stable for the last 2 weeks

So, if BTC bounce and go down, and ADA bounce and go up in same time, we are trading for nuts? Because we are accumulating something that lose it's value. I'm confused or what ?
Does BTC really have a impact on ADA price because only 25% of market cap ?
Some time I just wonder why all this TA regarding the global situation, and the meaning of our trades :)

Thanks for your light !
+4 Reply
Thanks MCPoopyC.
Sold my position a few days ago when you first posted ADA TA and its looking like a good decision.
Have a biscuit!
+6 Reply
i have a simple question, why u always use the 4H Period? does the other period gives an unclear data to make a clear decision?
+3 Reply
tpmoran brayeeen
@brayeeen, I am curious as well
+1 Reply
@tpmoran, 4 hr chart shows good detail of the big picture (1 day chart would be ideal to show the longterm again). Now you are looking at the big picture, If you want to than do some shorter term swings to cover the movements of the big picture, zoom into smaller charts (2hr & 1hr...or smaller by preference of trade your looking at) and try your luck!
+1 Reply
brayeeen johny_button
@johny_button, Thank you :)
Reply
MarcusAtb brayeeen
@brayeeen, For me the 4 hr chart gives a clearer picture of the elliot waves without losing the bigger picture
Reply
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