MagicPoopCannon

To Live or Die!? That is The Question! Cardano (ADA/BTC)

BITTREX:ADABTC   Cardano / Bitcoin
Hi friends! Welcome to this analysis on Cardano! Looking at the four hour chart, we can see that after breaking the uptrend support (black dots,) ADA/BTC has turned to the upside, to retest the former support level . What happens here is critical. If ADA/BTC has a sustained breakout back above this rising support level , it will signal a failed breakdown. However, if it fails at the rising trendline , it will be confirmation that the rising trendline is now overhead resistance. At that point, further downside would be increasingly likely. With that said, there is a nice amount of support just below. We have the 50 EMA (in orange,) the 200 EMA (in purple,) and the critical 50% retrace. The 50% retrace is critical to hold, because it has recently proven to be a major support level . Also, we can see that the rise up to it was parabolic. When a parabolic move takes a market higher, it shows that there is no real resistance in the parabolic area. Therefore, if we fall below the 50 EMA , there is a high probability that ADA/BTC will plummet, due to a lack of support. On the upside, a sustained break above the 38.2% retrace, will be a very strong sign. Such a move, could easily open the door to the 6900 level, the 23.6% retrace, and then the all time high. We need to pay close attention to ADA/BTC right here, to know which way it will move. The MACD is on the rise, signaling an expansion in buy-side momentum, but price action needs to break above the rising dotted trendline to confirm the momentum. The best thing to do, is just sit back, and let the market show us which way it wants to move. Look for a sustained breakout, keep an eye on those critical levels, and stick with your friendly market legend for future updates.

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-
Thankyou MPC. several days ago i almost buy this coin. If im not following your prediction, i might losing my money again and again. Now i im waiting for the dip. Many thanks for real
Reply
Someone definitely is holding ADA from running on Bittrex right now. There is a sell order for 30-40k that keeps popping up at the .00006000 mark.
Reply
ThriveHawk5 ThriveHawk5
They chewed through part of it, then the rest disappeared, and now it keeps reappearing ever so often.
Reply
ThriveHawk5 ThriveHawk5
Make that the .00005700 mark
+1 Reply
hongkongphooey ThriveHawk5
@ThriveHawk5, if 30-40k sales order is blockin the move this aint going anywhere ;)
Reply
longmoney ThriveHawk5
@ThriveHawk5, Yeah big money was made on this one. And now uncertainty.
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Enjoying following your TA work. Your analysis on different coins is definitely improving my understanding of market movement, along with helping me identify areas I need to research.
+4 Reply
@ThriveHawk5, Then I have achieved my goal. Good luck trading, my friend!

-Magic-
+4 Reply
Love your captions (and of course the analysis)
keep it up!
+2 Reply
Thanks for the analysis. How do you think ADA (and BTC) will perform after the futures expiry tomorrow?
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