Hey All, welcome to my newest no fuss analysis on Cardano!
As always, let's get straight into it:
The MACD has recently crossed over bullish, though there is not a lot of momentum at this stage. Volume has increased recently, but not enough to really support that this is a strong reversal into an uptrend.
Accumulation Distribution remains high and is slightly increasing which is a positive sign that this new dotted uptrend I have included will however hold out.
Further supporting this is the fact that the Aroon Up is still sitting nice and high, whilst Aroon Down is flat to the floor. Both positive signs for continuing up the dotted uptrend channel.
We are also currently positioned to test the 23.6% Fib level from which I expect we will initially be rejected from. This is because we have only tested this level once so far (way back on 25th and 26th of Feb), and usually we would expect at least a couple tests before breaking through and confirming previous resistance as support. The good news is that if we are rejected we should only retrace back to the bottom of the dotted uptrend line at around 0.00003150. From here I expect a bounce followed by another test of the 23.6% from which we should break through. Upon closing of the first daily candle above the 23.6% level is where I will be looking to trade from and up to about 0.00004100 when we will be testing previous weak support/resistance.
Trade safe and look forward to my update in a day or two!
Cheers
As always, let's get straight into it:
The MACD has recently crossed over bullish, though there is not a lot of momentum at this stage. Volume has increased recently, but not enough to really support that this is a strong reversal into an uptrend.
Accumulation Distribution remains high and is slightly increasing which is a positive sign that this new dotted uptrend I have included will however hold out.
Further supporting this is the fact that the Aroon Up is still sitting nice and high, whilst Aroon Down is flat to the floor. Both positive signs for continuing up the dotted uptrend channel.
We are also currently positioned to test the 23.6% Fib level from which I expect we will initially be rejected from. This is because we have only tested this level once so far (way back on 25th and 26th of Feb), and usually we would expect at least a couple tests before breaking through and confirming previous resistance as support. The good news is that if we are rejected we should only retrace back to the bottom of the dotted uptrend line at around 0.00003150. From here I expect a bounce followed by another test of the 23.6% from which we should break through. Upon closing of the first daily candle above the 23.6% level is where I will be looking to trade from and up to about 0.00004100 when we will be testing previous weak support/resistance.
Trade safe and look forward to my update in a day or two!
Cheers
Trade closed: target reached:
I hope you got onto this successful trade. I am just preparing a new look at ADA now.
