It seems that Cardano continues its retracement. I do not work with fibonacci levels, but they are sometimes good to have a quick look at because a large number of traders rely on them. I have noticed in crypto that the retracements normally go a bit deeper than the .618. A level of .65 is common. I expect Cardano to retrace to the 2800 Satoshi level. If we get a bounce from there, the possibility of a huge bull run will manifest
Also look at the long term trend line at this level. Keep in mind that a bullish movement first needs to be confirmed at a target level. Lets see where it goes.
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I also feel that the current market cap of Cardano is too high at this stage. Cardano is definitely a very good project, but it needs to mature a bit before it can maintain this high market cap. So chances are for a pullback first. It will only be good for longer term development later in 2018. (Just my opinion)
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Entered the buying zone. Wait for the confirmation first. I think ADA is going to the bottom of the demand zone, around 24k Sat.
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Still moving down in our buying zone. I still have my target at around 2400 - 2500 for now. Lets see when we get confirmation.
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Target reached.
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We may be moving lower. I will open a new post for this.
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Broke the long support trend line. Put on your goggles.