sebastian.seliga.7
Long

Cardano #ADABTC - end of the correction and 100% gains ahead?

BITTREX:ADABTC   Cardano / Bitcoin
TECHNICAL ANALYSIS:

The price of Cardano cryptocurrency quoted for Bitcoin             ADABTC             dropped lower in the wave correction (4) than assumed in the original wave scenario. Nevertheless, after reaching the level of 0.00004066, the price dynamically rebounded by drawing a reversal candle formation called Hammer Candlestick Pattern. Then it broke above the golden downward trend line and it reached 50% of the Fibo retracement of the previous down leg.

The main scenario:

Currently, the price is most likely in the psubwave 2 correction and tests the trendline from the bottom and is approaching the support level of 38% Fibo at 0.00005802. The price can still go deeper to other levels of elimination eg 50% or 61% and bounce up after hitting one of them.
After the correction, an impulsive breakdown is expected to reach around 0.0001000, which is almost 100% profit.

Alternative scenario:

On the other hand, an alternative scenario assumes the deepening of declines in the more complex wave correction (4) over time and in price:
- breaking below 61% Fibo will mean a higher probability of decreases towards the first level of 0.00004066, and then even 0.00003236 (red dotted arrows).
- knocking the top to the level (or near the level) of the previous wave (3) high, followed by a dynamic retreat, will also mean a more complex correction in the unfinished wave (4).
Violation of 0.00003236 invalidates a completely impulsive growth scenario.

TREND AND IMPORTANT LEVELS:

Main trend: UP
Intermediate trend: DOWN
Daily trend: NEUTRAL / UP (continuation of the upward trend and the possibility of breaking higher after adjustment)

KEY LEVELS:

- for further increases - 0.00006895 and later 0.00007227
- for continuing correction - level 0.00005802, 0.00005466 and 0.00005130
- for a continuation of falls - level 0.00005130 and later 0.00004066

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PPS: The next analysis of the next cryptocurrency will be published, if this post receives a min. 100 likes.
Trade active: Correction in wave 2 (green circle) might have been completed and now the market is trying to break out above the golden trend line. To confirm the bullish impulsive scenario, the level of 0.00004066 must NOT be violated.
Next target: 0.00006626.
Buybackzone: 0.0000500 - 0.00006000
Comment: A Rising Wedge pattern has been made on Cardano. Is this the time to rally 100%? Watch the demand zone!
Comment: Here we go! :)
The key level of 0.00006000
Comment: Correction in wave 4 seems completed in (A)(B)(C).
New lows made, but the trend line is being tested now. Rally still possible.
Comment: A Double Bottom pattern?
Nice idea! Here is my humble TA :)
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@sebastian.seliga.7 do you want to take a look at cardano? we're waiting your update
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any news or update?
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waiting for your next update about the trendline
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I hope so
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Take a look at the one day chart. It looks like we have formed a descending triangle pattern (bearish).
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@JJPERL, Bearish you say. take a look where the price is now. :)
+1 Reply
You keep updating this TA. No, ADA will not go to 100% and here's why. BTC is being propped up by Tethers and right now, it solely depends on the printing of fraudulent money. Because of this, ADA will NOT go to ATHs anytime soon until BTC stabilizes and truly becomes bullish without the help of tethers.
+1 Reply
@sam312, Interestinf point of view, thanks. :)
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Did the rally begin or will it fall to the demand zone 1st?
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