We are still anticipating Cardanos move against BTC, we have been moving super flat over the last month or so along the 1 FIB level and we are yet to see any sign of any move in either direction, we had a couple days with nice green candles but other than that nothing. Now we have 2 scenarios in my opinion, im leaning on the bullish one where we have strong moves to the upside, due to the fact that BTC dominance looks very bearish and i beleive altseason is coming.
The other scenario that could play out is the very bearish one which would be a huge fall i personally think, we have a huge gap below this support line we are currently on, it is shown by the red shaded "danger zone", we have absolutely no support in this gap, we have very light support at the first green line, it is faded because its not very strong. we may possibly have another level of support slightly above that but i wouldn't even count it as support due to there only being 2 candle touches. We have strong support about 22% downwards, most likely support that holds, the other issue if Cardano fell below into this danger zone and all the way down to our strong support is, we would almost be erasing all of the progress we have gained against BTC, not all of it but a significant portion.
Now follow along and as i go through the indicators we will be looking at the bullish scenario, the opposite would be true for the bearish. So the bollinger bands one of the indicators that is giving me the most hope, we are in a massive accumulation zone and since we have been following this for some time the bands have squeezed down on price action and a ton more than it has on other coins, and everytime this happens it is only a matter of time before we have a super explosive move, the thing is we don't see what direction that might be. The RSI has been travelling along in the confirmed downtrend area, but we are actually seeing a ascending channel, we rejected off of the top recently and now coming to the downside but the positive thing is that we could see this lead us back up into the uptrend zone above the midline! Now the ADX, we are slowly but surely coming downwards on a clear downtrend but the positive here is that we are approaching support at 16.2 and we could very possibly getting a bounce and we could be looking at a reversal, this would be key for ADA, both a reversal here and a reentry of the uptrend zone on the RSI would likely give us that bullish boost we need to get back up and running, Keep in mind too if BTC dominance continues falling that would also help a lot! Not financial advice just my opinion!
The other scenario that could play out is the very bearish one which would be a huge fall i personally think, we have a huge gap below this support line we are currently on, it is shown by the red shaded "danger zone", we have absolutely no support in this gap, we have very light support at the first green line, it is faded because its not very strong. we may possibly have another level of support slightly above that but i wouldn't even count it as support due to there only being 2 candle touches. We have strong support about 22% downwards, most likely support that holds, the other issue if Cardano fell below into this danger zone and all the way down to our strong support is, we would almost be erasing all of the progress we have gained against BTC, not all of it but a significant portion.
Now follow along and as i go through the indicators we will be looking at the bullish scenario, the opposite would be true for the bearish. So the bollinger bands one of the indicators that is giving me the most hope, we are in a massive accumulation zone and since we have been following this for some time the bands have squeezed down on price action and a ton more than it has on other coins, and everytime this happens it is only a matter of time before we have a super explosive move, the thing is we don't see what direction that might be. The RSI has been travelling along in the confirmed downtrend area, but we are actually seeing a ascending channel, we rejected off of the top recently and now coming to the downside but the positive thing is that we could see this lead us back up into the uptrend zone above the midline! Now the ADX, we are slowly but surely coming downwards on a clear downtrend but the positive here is that we are approaching support at 16.2 and we could very possibly getting a bounce and we could be looking at a reversal, this would be key for ADA, both a reversal here and a reentry of the uptrend zone on the RSI would likely give us that bullish boost we need to get back up and running, Keep in mind too if BTC dominance continues falling that would also help a lot! Not financial advice just my opinion!