Cardano (ADABTC) has been very slow on the retrace and is already showing signs of prices bouncing... Let's have a closer look by reading the 1H timeframe chart.
Here we have multiple bullish signals starting to develop and they go as follow:
We have a falling wedge pattern breaking out bullish.
A bullish divergence is present with the MACD and RSI.
We have a reversal candle 31 Jul '20 12:00.
The RSI is above 50 on the current move and a bullish cross on the MACD.
Prices are moving above EMA50 (waiting for candle closure for confirmation).
Trading volume going higher/volume breakout.
All these signals are pointing to prices moving higher for Cardano (ADABTC).
The other ALTSBTC pairs are also strong and Bitcoin is also bullish... Meaning, the entire cryptocurrency market is growing now so ADA shouldn't be an exception.
If the bulls follow up, the next target is clearly marked on the chart.
Note: This is not meant for you to trade. You need to have a plan/strategy before you trade on what to do if prices drop and when to sell exactly and how much.
This is not financial advice.
Thanks a lot for reading.
Remember to hit LIKE and leave a COMMENT/FOLLOW if you enjoyed this post.