Cardano (ADAH19) on BitMEX just had a strong drop, which closed below 0.786 Fib. retracement support.
Looking at this drop with the Bollinger Bands on, we can see that the next candlestick is trading outside the bars. This signal can indicate and upcoming bounce.
There are more early signals for a possible bounce:
ADAH19 Price closed above the rising trendline.
MACD remains above the neutral zone, while the RSI remains strong.
Note: These are early signals, some more retrace, consolidation, and sideways action can be expected.
Conditions for change: If Cardano (ADAH19) on BitMEX continues down and closes below 0.00001128 then the above signals would be invalidated. No bounce and we would have to wait for a new set up. A new analysis is needed as the conditions would have changed.
Thanks a lot for reading.
Hit like if you found this trade idea useful.
Namaste.
Comment
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ADAH19 Is trading above EMA200, MA200, and Fib. support. This is starting to look bullish (potential upcoming bounce)... Hit LIKE if you want to see our FULL TRADE.
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hamie101
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Alan, we are about to get a death cross on btc usd longs. similar to JULY 23rd, please be cautious.