With Bitcoin looking to take a stab upwards in it's consolidation structure, we may see some alt coins try to keep up. In this case Cardano looks primed to move with BTC nicely, we can see the 21 (Cyan Line) exponential wanting to cross up and above the 50 (Red Line) exponential at the same time that our MACD is showing buying pressure, suggesting that we will see the cross. This cross will spur bots to buying action in most cases and retail will generally follow trying to jump in with tether. Also we can take a look at the VPVR which indicates that we have some support in our current levels and the RSI is pretty neutral allowing for the freedom upwards. Not to mention that ADA recently broke upwards out of it's descending wedge feebly, yet still out of the downward spiral indicating that bulls are trying to make moves.
So what are some potential targets from here...
Since we are looking at our 4hr USD chart I would suggest looking at the exponential moving averages (EMAs)..
1st Target around .063 cents (Price action to meet some possible resistance around the 100EMA )
2nd Target around .069 cents (Price action to meet some possible resistance around the 200EMA )
3rd Target between .076-.079 cents based off the VPVR and other lines that can be drawn based off the structure to the left.
Remember Bitcoin is consolidating downward so our micro trend is slightly bearish so as we meet higher targets it would be best to reevaluate and be more cautious. Also If bitcoin takes a massive leap upwards/downwards this could end the alt coins trajectory upward. Just some things to think about.
SL set
So what are some potential targets from here...
Since we are looking at our 4hr USD chart I would suggest looking at the exponential moving averages (EMAs)..
1st Target around .063 cents (Price action to meet some possible resistance around the 100EMA )
2nd Target around .069 cents (Price action to meet some possible resistance around the 200EMA )
3rd Target between .076-.079 cents based off the VPVR and other lines that can be drawn based off the structure to the left.
Remember Bitcoin is consolidating downward so our micro trend is slightly bearish so as we meet higher targets it would be best to reevaluate and be more cautious. Also If bitcoin takes a massive leap upwards/downwards this could end the alt coins trajectory upward. Just some things to think about.
SL set
Trade closed: stop reached:
Old chart before I learned to update charts.