VincePrince

Cardano, Trading In Preliminary Channel, Next Steps Ahead!

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
Hello Traders Investors And Community, welcome to this analysis where we are looking at Cardanos 2-hour timeframe perspective, the recent price-action-events, the current formational-structure, what to expect from the pair the next hours, days and weeks and how to handle the situation accordingly to not get overwhelmed by circumstances and the volatile fast-moving cryptocurrency markets. Cardano was in an extreme speculative uptrend the last weeks and days and made some exceptional growth to the upside, such trends will reverse sooner or later when they aren't fundamentally backed and such a reversal is now going on in the smaller timeframes which will also have its effect in the higher timeframes and alter Cardano's situation sustainable.

When examining my chart you can watch there that Cardano formed three consecutive lower-highs which marking the upper boundary of the big descending-channel Cardano currently trades in which is marked in blue, such structures normally signaling a reversal downside as we have seen it several times in the past not only in Cardano but also in major cryptocurrencies like bitcoin . Furthermore, Cardano is building a rising-triangle where it is climbing above and look for resistance in the structure which it has at the big Fibonacci-resistance you can watch marked between the 0.141 and 0.143 level in red, this resistance and the end of the rising-triangle building a logical and coherent resistance-cluster here with a high possibility to confirm downward.

Taking all this into consideration Cardano is moving in an increased bearish environment here with high potentials to continue downsides when the resistance-levels confirm, this scenario will play out when Cardano closes below the lower boundary of its triangle-formation with a decisive and volatile move which confirms the formation. When this happens the first targets will be the channel-middle-line and the 300-EMA marked in black, this can be traded either aggressively with immediate entry or conservative with entry after confirmation, although the aggressive approach is possible here the conservative will be the smarter one as it is providing a high possible set-up, traders should decide on individual risk-preferences.

The last times have shown another time that what is rising much can also fall much especially in the cryptocurrency space where volatile movements are common and it has shown one more time that technical analysis is an empirical science to be applied successfully when done right unless what academic says that it is unscientific I show how it can work when taking out the high speculative approaches seen too often these days. In such a situation it is important to wage possibilities as well as opportunities in the right manner in order to take appropriate action because this is an meaningful thing which matters in today's volatile market environments therefore the further development will be highly interesting in cryptocurrency destiny.

In this manner, thank you for watching, support for more market insight and have a good day!
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Information provided is only educational and should not be used to take action in the markets
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Comments

the structure has completely changed please make a new graphic explaining it
+2 Reply
Hey VincePrince, you were right about this ADAUSD again. Thumb Up for you !
Reply
what is the resistance level now for the next few days

please answer me
Reply
It broke out of the rising triangle. Break out from the top soon?
Reply
Duran12 Token329
@Token329, It hit Vince's descending channel line almost exactly. Man can speak for himself, but I'm guessing he's going to say ADA is coming back down.
Reply
Duran12 Duran12
@Duran12, Welp. Nevermind. Just blew through that level too.
+2 Reply
Thank you
Reply
VincePrince rampman10
@rampman10, Thank you
Reply
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