BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
ADA has currently completed 5 subwaves of the third wave. The RSI is displaying bearish divergence, where the price goes higher, but the RSI does not. This could indicate that ADA is losing strength even though the price is increasing. This is further supported by the declining volume and rising wedge pattern, which show that the amount of buyers are decreasing. Possible shorts could target the 0.382 fib regions.

A drop in price in wave 4 can also provide an opportunity to load up on longs for the fifth wave. The 0.682 to 0.5 fib region is strong support as it is just above the previous high. Elliott Wave rules dictate that wave 4 cannot retrace past wave 1, except by a wick in leveraged markets.

On the bigger picture ADA is almost complete a larger scale fifth wave. Besides a fifth wave extension, which could very well happen if Bitcoin surges, ADA will soon make a larger correction after a short term rally, possibly dropping 20% from its local high.

Trade closed: stop reached
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out