Welcome to this update-analysis where we are looking at Cardano 2-hour timeframe perspective, the recent events, the current formational structure, what we can expect the next times and how to possibly handle the upcoming price-actions appropriately from a trading perspective. As expected Cardano confirmed the resistance-cluster properly to the downside and the bearish price-action showed up into the dynamic-back-up-cluster were an initial bounce occurred which was a very important first step, now there need to come further confirmations in order to unfold Cardanos potentials further in the range, therefore I detected all the important levels and likely outcomes we should consider with Cardano's established structure and the upcoming destinations.
Looking at my chart you can watch there that Cardano now already tested the 45-EMA once and when Cardano manages to bounce a second time from the dynamic-back-up-cluster marked in blue in my chart this can be the origin for the breakout-wave to the upside, which will show up when Cardano manages to move above the descending-trend-line marked in blue and close there, this price-action will give the initial move to further continuation to the upside which will show up when Cardano increases in demand also, after that it needs to take out this preliminary important resistance-cluster marked in red from which it can move on further and test the boundary of the ascending-channel-formation marked in blue.
Overall it is very necessary that Cardano holds the dynamic-back-up-cluster sustainable and when this happens and the steps show up as suggested the final zone will be the boundary of the channel from where firstly a pullback will establish which does not mean Cardano is completely bearish here, this can also mean that Cardano gains strength in the structure before moving on. The structure looks significantly different to the major's Bitcoin or Ethereum which shown more increased volatility the last times, this can also indicate that the time will come when volatility increases also in Cardano which can happen under the mentioned circumstances, it will be a definitely interesting journey to consider.
In this manner, thank you, everybody, for watching, have a good day as well as good trading, all the best! “Good luck is when opportunity meets preparation.”
Information provided is only educational and should not be used to take action in the market.
So you think 0.089 to 0.091 is THE bottom for ADA?
leroyessel0
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@Vinnerdude, David Ward has the opinion if we have the patience we should scatter buy orders as low as $0.07327, .07833, 0.0792 and if it goes sideways without any guarantees he also mentioned adjusting at $0.08188, 0.08539, 0.089380, 0.08963. After he made these comments it was about 10 hours later on November the 2nd at 8:30PM (PST) the ADA price went down to $0.088600 and now it is $0.094754 at 10:40PM on 11/3/2020.