CARDANO (ADA/USD) Shows Some Positive Signs!
Over a long time, we can pick up some positive signs from the cryptocurrency market and so as our next analysis - Cardano (ADA)
We have been on the down-Train, yes train, for a very long time but at the moment looks like we have some changes in the market structure.
Around $0.09 area, we have found a bottom what we have tested two times and we can call this a "Double bottom" (W-formation)
After we made a second touch around $0.09 we have a steady climb upwards. Firstly, we break the down-trendline (which is pulled from 02.05.2018 and the second touch 18.07.2018) and we made a breakout from "Descending Triangle". The descending triangle is a bear-ISH pattern but the triangle patterns have a breakout opportunities to either direction and at the moment we made a breakout upwards - bullish sign, and after those breakouts, we made a structure change, we manage to make HH (higher high) on the market!
Currently, You can see that there are two blue target boxes first is above the current price of 10% and the second 18%. So, probably there You can see some price bounce or price stop because those levels are historically worked. First one is June low/support which now becomes a resistance and the second one is the July low which now may become support!
If You want to enter the coin then there is an opportunity if the price falls down a little bit. Like You know we have a breakout from the triangle and the perfect breakout trade would be - breakout and wait for a retest! So, at the moment we could see that we may start to make a pullback because on the 4h chart has formed a three candle candlestick pattern called "Evening Star" (bearish pattern).
Currently looks like the solid spots where to enter the trade are:
$0.1 - criteria: round number, Fibonacci retracement level 38% and supported with EMA's
$0.095 - criteria: it would be close to retest area, perfect Fibonacci retracement level 62%
If You want to read also our thoughts about BITCOIN, then please visit our website - link is on the profile!
Hopefully, it helps You out a little bit to confirm Your own analysis! Definitely make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
Have a nice day!
We have been on the down-Train, yes train, for a very long time but at the moment looks like we have some changes in the market structure.
Around $0.09 area, we have found a bottom what we have tested two times and we can call this a "Double bottom" (W-formation)
After we made a second touch around $0.09 we have a steady climb upwards. Firstly, we break the down-trendline (which is pulled from 02.05.2018 and the second touch 18.07.2018) and we made a breakout from "Descending Triangle". The descending triangle is a bear-ISH pattern but the triangle patterns have a breakout opportunities to either direction and at the moment we made a breakout upwards - bullish sign, and after those breakouts, we made a structure change, we manage to make HH (higher high) on the market!
Currently, You can see that there are two blue target boxes first is above the current price of 10% and the second 18%. So, probably there You can see some price bounce or price stop because those levels are historically worked. First one is June low/support which now becomes a resistance and the second one is the July low which now may become support!
If You want to enter the coin then there is an opportunity if the price falls down a little bit. Like You know we have a breakout from the triangle and the perfect breakout trade would be - breakout and wait for a retest! So, at the moment we could see that we may start to make a pullback because on the 4h chart has formed a three candle candlestick pattern called "Evening Star" (bearish pattern).
Currently looks like the solid spots where to enter the trade are:
$0.1 - criteria: round number, Fibonacci retracement level 38% and supported with EMA's
$0.095 - criteria: it would be close to retest area, perfect Fibonacci retracement level 62%
If You want to read also our thoughts about BITCOIN, then please visit our website - link is on the profile!
Hopefully, it helps You out a little bit to confirm Your own analysis! Definitely make Your own research and if You don't understand some of my points or I miss calculate something then please leave a comment!
Have a nice day!
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We made some changes on the chart there You can see how that Higher high formed.
At the moment You can see that we start to climb upwards to the first resistance which are June low! Looks like the 100EMA held us nicely!