ADA/USD went down by 8.88% as the crypto market as a whole dived this last Thursday as price found resistance exactly at .10 cents. All buyers from February saw returns at .06 .08 and .10 cents. Price is now correcting itself falling down in a descending bullish flag pattern on the 1 HOUR chart with price below the 20, 50, and 200 MA. I believe price is heading to create a DAILY INVERTED HEAD N SHOULDER PATTERN. This is the pattern our team has been looking for since February's Tradingview post. This is why we had the YELLOW AND BLUE HALF CIRCLES in this zone. The IOHK Summit will take place on April 17th and 18th in Miami, Florida in just 1 day and this might cause some boost in price but I still believe price will resist below .10 cents forming a double top if this happens. Also in turn would break the hourly flag but I believe this would only be temporary. Good luck and I hope you enjoy this idea. Remember to trade with proper risk management as always.
Daily chart supports all moving averages currently above the 20, 50, and 200 MA. A break below 20 will take us to lower support levels on the hourly.
4 Hour Chart is showing price has broke the 20 and 50 MA and is now heading to the 200 MA currently sitting in the 50% ZONE at price .07156
1 Hour chart price is under 20 50 and 200 MA heading lower.
RSI below 50%
Re-Entry for ADA
SL: .03 zone (above February buy entry)
Re-Entry: .065 (61.8% Fibonacci retracement support)
TP1: .105
TP2: .115
TP3: .135
Recent News Supporting the Development of IOHK and Cardano
A Free Udemy Course for Cardano’s Marlowe Promises to Bring Smart Contracts to the Masses
toshitimes.com/carda...owe-smart-contracts/
Balancing the Ledger: IOHK's Mission to Bring Crypto to All
fortune.com/video/20...bring-crypto-to-all/
Cardano (ADA) Bullish as IOHK Launches The Last Major Release Prior to Ouroboros BFT
ethereumworldnews.co...or-to-ouroboros-bft/
IOHK Miami Summit
iohksummit.io/
Daily chart supports all moving averages currently above the 20, 50, and 200 MA. A break below 20 will take us to lower support levels on the hourly.
4 Hour Chart is showing price has broke the 20 and 50 MA and is now heading to the 200 MA currently sitting in the 50% ZONE at price .07156
1 Hour chart price is under 20 50 and 200 MA heading lower.
RSI below 50%
Re-Entry for ADA
SL: .03 zone (above February buy entry)
Re-Entry: .065 (61.8% Fibonacci retracement support)
TP1: .105
TP2: .115
TP3: .135
Recent News Supporting the Development of IOHK and Cardano
A Free Udemy Course for Cardano’s Marlowe Promises to Bring Smart Contracts to the Masses
toshitimes.com/carda...owe-smart-contracts/
Balancing the Ledger: IOHK's Mission to Bring Crypto to All
fortune.com/video/20...bring-crypto-to-all/
Cardano (ADA) Bullish as IOHK Launches The Last Major Release Prior to Ouroboros BFT
ethereumworldnews.co...or-to-ouroboros-bft/
IOHK Miami Summit
iohksummit.io/