Welcome fellow Tradingviewers,
In this analyses we are going to show you our view on the current market situation for Cardano. We were going to share a full video on the yearly analyses with you guys but our Mic broke down. We will try to educate you guys using a video as soon as we replaced our mic. (They will be placed here) If you want to see how we got to this view, based on our previous analyses, you will be able to find them linked in this analyses. So this will be a more general analyses.
This analyses is going to be the third in a series of 7 where we try to give you an idea of what it is like to try and analyse a cryptocurrency for 12 months.
This analyses is based on the impressions we get from the chart and the cryptocurrency market in general.
For this analyses we will be using the 12M , 6M, 3M , 1M and 1W charts.
Every month for the next 12 months we will release our monthly market breakdown. (for free)
If you want to receive daily and weekly technical analyses you might want to check our website.
We will be analysing ADA using a top-down strategy, including candlestick patterns, indicators and price patterns.
Yearly:
Since 2018 things have not been looking great for long Term ADA holders, with a big bearish engulfing candle to predict more downwards pressure. 2019 was quite calm for ADA more or less remaining on its 0.025/0.05 price point. Indicating indecisiveness in the markets. Then came 2020 and to be more precise the last part of 2020. As we can see the 2020 yearly candle closed as a bullish engulfing candle and these candles predict bullish momentum as can be seen in the chart above. This year we already have a 75% price rise and ADA does not seem to be running out of steam.
6 - Month:
The six month chart shows less bearish momentum since 2018, here we can see that the first candle of 2018 did not finish as a bearish engulfing but the smaller candle in the last half of 2018 was the one that made the yearly a bearish engulfing. Which makes it slightly less bad. Following these candles we see a lot of indecisiveness, we can clearly see that price dropped and jumped back up again untill july 2020. That 1 and a half year seems to be a very good accumulation zone for the long term holders, so congratulations on those who held with us. The last six month candle closed as a bullish engulfing while almost obliterating the $0.2 resistance indicating more upwards momentum.
3 - Month:
The quarterly candles are giving us a more clear view on where te uprising of ADA began. We can clearly see here that the uprising of cardano begun right after the april bullish engulfing candle. This seems to be the trigger for upwards momentum. This is then later confirmed bu our last closed quarterly candle, indicating even more upwards momentum.
Monthly:
The monthly is giving us a more clear view on what happened to ADA the last months. What we can see here is one of the best textbook bottom formations seen in a long time. We can clearly see bottom 1 and 2 forming a double bottom together.
July 2020 was the month to break out of the pattern, after this month we have had a 3 month retracement, which stayed inside the previous bullish engulfing candle. Re-testing the Neckline of the Double bottom pattern before breaking up with another huge bullish engulfing candle.
The Target of the double bottom pattern is now well over reached. The target can be directed from the pattern itself, by calculating the distance from bottom to neckline and extrapolating this to the upside.
After over reaching the target of the double bottom we can clearly see that we have now tested the monthly resistance at $0.35.
Weekly:
- The last weekly candle was a bullish engulfing candle obliterating the target of the double bottom pattern.
- We have seen a golden cross from the 50 and 100 ma for the first time on ADA, indicating strong bullish momentum.
- MACD is crossed bullish indicating more bullish momentum.
- Volume is picking up confirming the bullish bias.
The lower timeframes are really hard to grasp at the moment except for the 15min graph.
If you are in our groups you have already received this information and we want to share it to the rest of the world as well.
We found a short term bottom on the 0.618 fib. at the bottom of a wedge. Wedges usually overextend their targets and we have taken the -0.27 as the first target, which is located around $0.34, the next one would be the -0.618 located around $0.36. If we can break these levels and continue to climb above the $0.4 then we might be ready for another wave up!
In summary:
Cardano is showing really bullish sentiment at the moment. Crypto is growing bigger and bigger everyday and Cardano with its 10th place in the crypto market ranking is not being left behind.
The job for us now is to keep an eye on the lower timeframes untill we have a weekly closure above $0.4. A weekly closure above that level could mean that we are on our way to All time High once again!
The lower timeframes are at the moment showing really good signs of continuing this uptrend and therefore we believe that Cardano is a solid HODL and begins to look like a BUY, especially on the lower timeframes!
If you would like to receive daily, weekly and monthly analyses like this than take a look on our website!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto
In this analyses we are going to show you our view on the current market situation for Cardano. We were going to share a full video on the yearly analyses with you guys but our Mic broke down. We will try to educate you guys using a video as soon as we replaced our mic. (They will be placed here) If you want to see how we got to this view, based on our previous analyses, you will be able to find them linked in this analyses. So this will be a more general analyses.
This analyses is going to be the third in a series of 7 where we try to give you an idea of what it is like to try and analyse a cryptocurrency for 12 months.
This analyses is based on the impressions we get from the chart and the cryptocurrency market in general.
For this analyses we will be using the 12M , 6M, 3M , 1M and 1W charts.
Every month for the next 12 months we will release our monthly market breakdown. (for free)
If you want to receive daily and weekly technical analyses you might want to check our website.
We will be analysing ADA using a top-down strategy, including candlestick patterns, indicators and price patterns.
Since 2018 things have not been looking great for long Term ADA holders, with a big bearish engulfing candle to predict more downwards pressure. 2019 was quite calm for ADA more or less remaining on its 0.025/0.05 price point. Indicating indecisiveness in the markets. Then came 2020 and to be more precise the last part of 2020. As we can see the 2020 yearly candle closed as a bullish engulfing candle and these candles predict bullish momentum as can be seen in the chart above. This year we already have a 75% price rise and ADA does not seem to be running out of steam.
The six month chart shows less bearish momentum since 2018, here we can see that the first candle of 2018 did not finish as a bearish engulfing but the smaller candle in the last half of 2018 was the one that made the yearly a bearish engulfing. Which makes it slightly less bad. Following these candles we see a lot of indecisiveness, we can clearly see that price dropped and jumped back up again untill july 2020. That 1 and a half year seems to be a very good accumulation zone for the long term holders, so congratulations on those who held with us. The last six month candle closed as a bullish engulfing while almost obliterating the $0.2 resistance indicating more upwards momentum.
The quarterly candles are giving us a more clear view on where te uprising of ADA began. We can clearly see here that the uprising of cardano begun right after the april bullish engulfing candle. This seems to be the trigger for upwards momentum. This is then later confirmed bu our last closed quarterly candle, indicating even more upwards momentum.
The monthly is giving us a more clear view on what happened to ADA the last months. What we can see here is one of the best textbook bottom formations seen in a long time. We can clearly see bottom 1 and 2 forming a double bottom together.
July 2020 was the month to break out of the pattern, after this month we have had a 3 month retracement, which stayed inside the previous bullish engulfing candle. Re-testing the Neckline of the Double bottom pattern before breaking up with another huge bullish engulfing candle.
The Target of the double bottom pattern is now well over reached. The target can be directed from the pattern itself, by calculating the distance from bottom to neckline and extrapolating this to the upside.
After over reaching the target of the double bottom we can clearly see that we have now tested the monthly resistance at $0.35.
- The last weekly candle was a bullish engulfing candle obliterating the target of the double bottom pattern.
- We have seen a golden cross from the 50 and 100 ma for the first time on ADA, indicating strong bullish momentum.
- MACD is crossed bullish indicating more bullish momentum.
- Volume is picking up confirming the bullish bias.
The lower timeframes are really hard to grasp at the moment except for the 15min graph.
If you are in our groups you have already received this information and we want to share it to the rest of the world as well.
We found a short term bottom on the 0.618 fib. at the bottom of a wedge. Wedges usually overextend their targets and we have taken the -0.27 as the first target, which is located around $0.34, the next one would be the -0.618 located around $0.36. If we can break these levels and continue to climb above the $0.4 then we might be ready for another wave up!
In summary:
Cardano is showing really bullish sentiment at the moment. Crypto is growing bigger and bigger everyday and Cardano with its 10th place in the crypto market ranking is not being left behind.
The job for us now is to keep an eye on the lower timeframes untill we have a weekly closure above $0.4. A weekly closure above that level could mean that we are on our way to All time High once again!
The lower timeframes are at the moment showing really good signs of continuing this uptrend and therefore we believe that Cardano is a solid HODL and begins to look like a BUY, especially on the lower timeframes!
If you would like to receive daily, weekly and monthly analyses like this than take a look on our website!
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
Frank | Forallcrypto