Heavy Resistances Can Lead Cardano to 1k Satoshi
Alrighty guys... Let me get this out of the way now:
BIAS: Long-term, I'm still freaking bullish on ADA. If you are bullish on this MARKET in the long-term, then you have NOTHING to worry about with Cardano. It's a legit project with a lot of hype behind it, and it's just finding itself struggle because it was SEVERELY overbought and then dragged into a bear market, fully devised by Bitcoin's diabolical plan.
WHAT I PREACH: Remember when I was warning everyone that things that grow fast come down pretty hard and have a nasty bear market??? AND PEOPLE TOLD ME I WAS FOOLISH. Like bro... seriously? Cardano gains like freaking thousands of percentage points in just 1-2 months and you think that its going to keep going up for FOREVER? ARE YOU SERIOUS?? omg... it just makes me upset, and I hope that those who think that is "likely" have learned a very valuable lesson here. It's just NOT possible to sustain that type of growth. it just isn't. I called the top on and the drop on my last post with this one guys.
ANALYSIS: So there are a few good things and many more bad things I see here with Cardano. Let's get started with the good -
Good:
1) Shit. As soon as I started this I blanked lmaooo, because there really isn't much good... hold on let me think...
2) OKAY, YES. Alright, well, for one I don't think Cardano corrects for more than another month maybe?
3) The two white lines, BOTH now serve as support lines !
4) Volume is very bullish!
5) Remember, this is in Satoshi! Right? So it's possible that a drop to 1k satoshi just means that it gets outpaced by the growth in BTC in dollar value. So Cardano could honestly not drop that much in dollar value, but just its relevance to BTC's growth. It's important to really understand an altcoins Beta, and their leverage to the market. I really want to make an educational post on that and even calculate Betas for you all, but I don't have the time now.
6) THERE IS A CHANCE THAT WE BREAK OUT OF THIS GREEN ZONE!
Alright... So as we see, the good isn't really all that good. It's just kind of like, "Hey okay. It's not terrible!". This next month for Cardano holders MAY NOT be all that exciting.
The Bad:
1) Resistances - The top of the first Green Support Zone - Wave 3
- The 8, 13, 21 AND 55 EMA (Jesus)
- The Orange Support Line is now as resistance
2) Indicators:
- RSI is in oversold regions, but it has a lot of work to do to break those resistance zones
- Stoch RSI is showing this TINY price movement on the daily chart to be heading towards the
overBOUGHT region
- The Daily MACD has crossed and is upticking with LITTLE price movement as well.
3) The wave count is unclear because this is in satoshi, BUT, it doesn't look like it will be even close to outpacing the growth of Bitcoin anytime soon.
4) If it falls even below the 78% Fib Support, then it's going to have a hard time gathering bullish momentum.
So here we see that Cardano isn't in the best position. BUT, if it can manage to break all of these resistances, then it will be SMOOTH sailing for Cardano, and my bias will be VERY bullish! That's why I left this Neutral. Because a breakout is actually possible. Just not likely, yet. Good luck guys, and trade safe!
BIAS: Long-term, I'm still freaking bullish on ADA. If you are bullish on this MARKET in the long-term, then you have NOTHING to worry about with Cardano. It's a legit project with a lot of hype behind it, and it's just finding itself struggle because it was SEVERELY overbought and then dragged into a bear market, fully devised by Bitcoin's diabolical plan.
WHAT I PREACH: Remember when I was warning everyone that things that grow fast come down pretty hard and have a nasty bear market??? AND PEOPLE TOLD ME I WAS FOOLISH. Like bro... seriously? Cardano gains like freaking thousands of percentage points in just 1-2 months and you think that its going to keep going up for FOREVER? ARE YOU SERIOUS?? omg... it just makes me upset, and I hope that those who think that is "likely" have learned a very valuable lesson here. It's just NOT possible to sustain that type of growth. it just isn't. I called the top on and the drop on my last post with this one guys.
ANALYSIS: So there are a few good things and many more bad things I see here with Cardano. Let's get started with the good -
Good:
1) Shit. As soon as I started this I blanked lmaooo, because there really isn't much good... hold on let me think...
2) OKAY, YES. Alright, well, for one I don't think Cardano corrects for more than another month maybe?
3) The two white lines, BOTH now serve as support lines !
4) Volume is very bullish!
5) Remember, this is in Satoshi! Right? So it's possible that a drop to 1k satoshi just means that it gets outpaced by the growth in BTC in dollar value. So Cardano could honestly not drop that much in dollar value, but just its relevance to BTC's growth. It's important to really understand an altcoins Beta, and their leverage to the market. I really want to make an educational post on that and even calculate Betas for you all, but I don't have the time now.
6) THERE IS A CHANCE THAT WE BREAK OUT OF THIS GREEN ZONE!
Alright... So as we see, the good isn't really all that good. It's just kind of like, "Hey okay. It's not terrible!". This next month for Cardano holders MAY NOT be all that exciting.
The Bad:
1) Resistances - The top of the first Green Support Zone - Wave 3
- The 8, 13, 21 AND 55 EMA (Jesus)
- The Orange Support Line is now as resistance
2) Indicators:
- RSI is in oversold regions, but it has a lot of work to do to break those resistance zones
- Stoch RSI is showing this TINY price movement on the daily chart to be heading towards the
overBOUGHT region
- The Daily MACD has crossed and is upticking with LITTLE price movement as well.
3) The wave count is unclear because this is in satoshi, BUT, it doesn't look like it will be even close to outpacing the growth of Bitcoin anytime soon.
4) If it falls even below the 78% Fib Support, then it's going to have a hard time gathering bullish momentum.
So here we see that Cardano isn't in the best position. BUT, if it can manage to break all of these resistances, then it will be SMOOTH sailing for Cardano, and my bias will be VERY bullish! That's why I left this Neutral. Because a breakout is actually possible. Just not likely, yet. Good luck guys, and trade safe!
It's facing the 100 EMA right now. Another drop would magnify the death cross. Smaller time frames show bearish divergence. If you were on a swing trade with ADA, consider taking some profit.