Cardano VS Bitcoin Between Support & Resistance
On the 29th of June Cardano has tested the low at 1926 satoshis. At that time price rejected the 8/1 Gann Fan along with the 88.6% Fibonacci retracement level. Then ADA went up, broke above the 200 Moving Average, but rejected the 61.8% Fibonacci retracement level at 2600 satoshis.
ADA/BTC corrected down and yesterday has tested the 8/1 Gann Fan trendline for the third time, which seem to act as a strong support. Overall, Cardano found the range between 2600 resistance and 1920 satoshis support without clear trend.
At this stage the range trading is likely to continue and ADA might get back to 1920 satoshis level once again, but only break and close below could result in further decline, towards 1670 satoshis.
On the other hand if price will go up, and break above the 2600 satoshis resistance, this might be the confirmation of the trend reversal, resulting in a strong growth for the medium to long term.
ADA/BTC corrected down and yesterday has tested the 8/1 Gann Fan trendline for the third time, which seem to act as a strong support. Overall, Cardano found the range between 2600 resistance and 1920 satoshis support without clear trend.
At this stage the range trading is likely to continue and ADA might get back to 1920 satoshis level once again, but only break and close below could result in further decline, towards 1670 satoshis.
On the other hand if price will go up, and break above the 2600 satoshis resistance, this might be the confirmation of the trend reversal, resulting in a strong growth for the medium to long term.
Trade closed: target reached