Yesterday's forecast was for a continued drop, but the depth surprised. Along with the broader crypto market, yesterday ADA/USD experienced a flash crash on regulatory fears that sent prices as low as the 1.03 fib before bouncing back up to the 1.28 level.
The timing of the crash was fortuitous. We now have new candles for many multi-day timeframes from 2 days to 12 days. This allows us to look at the rest of the month post-crash and see if a breakout is still possible. A summary of the video's findings are as follows.
Summary - Intraday: Prices likely to range between 1.22 and 1.34. 1.34 will provide resistance limiting upward movement. If broken, 1.40 is possible.
- 2-4 days: Prices likely to stay between 1.20 and 1.34 in largely sideways movement.
- Weekly to 9 days: Breakout still possible, and looking more likely. Breakout unlikely to start this week (before April 24), but could start around April 26-28 or as late as May 8. 2.50+ possible by early/mid-May
Buy Zones: Anything at/below 1.30 is a good buy right now. Even 1.34 is good if we are able to breakout in the next two weeks to $2.50+
Hi.do you think Cardano is bullish? Buying at 1.18 is ok?
c3l3x
⋅
@fariba_fariba, I can't give you specific trading advice. It depends on your trading strategy, risk tolerance, etc. But, to answer your question, yes I am quite bullish on Cardano.
Their fundamentals are good, despite delays in getting out smart contract capability. They have a solid platform for growth in their network, expansion strategy (e.g. Africa, SE Asia, etc.), and offer transactions at a fraction of ETH. Alonzo hard fork, with smart contracts, is planned to go live in a few weeks on testnet, and fully released on mainnet in August. A number of DeFi projects are lined up to move to the Cardano platform, it seems. So they seem well positioned to not only grow with the DeFi market, but take market share from ETH. Of course, there is competition from ETH itself, Polkadot (DOT), and others, but I think they will do quite well.
From a technical analysis perspective, trends are still quite strong. Currently we are again in price channel that started May 1, roughly between 1.11 and 1.34, but looking at the charts at the end of this week and beyond, the setup is there for a major push up. I see the same setup in ETH and in BTC.. Two weeks from now, ADA prices could be in a much different place. There's no guarantees, but the indicators are pointing to that. Thus, ADA/USD is currently in a buy zone based on that analysis. $2+ seems like a minimum in May, with $3+ quite possible. There are no indications that we are at the climax of this bull cycle. The climax appears to be end of this year or early next year. In my last analysis I suggested that 4.50 was a good target for the end of this year, but 6.00 to 8.00 could be the buying climax. If things go especially well, we could see double digits.
fariba_fariba
⋅
@c3l3x, thanks for your answer. Seems btc correction is over and not going dip to 50k i was waiting for 1$ cardano
c3l3x
⋅
@fariba_fariba, We saw 1.07 on Binance during the flash crash. I don't think we'll even see 1.11 again. There is too much upward momentum. Even if there are more regulations and the US government takes action against crypto in response to money laundering, it will be temporary. And, with this crash, now much of that is already priced in.
Gayel
⋅
great analysis
waleed336699369
⋅
Wonderful analysis so good to watch full explanation
@c3l3x your analysis always helpful thank you so much
Farrell28
⋅
Hi @c3l3x may I know how did you get the "Phoenix Ascending" indicator in TradingView?
c3l3x
⋅
@Farrell28, You can find it under Indicators. Search for Phoenix Ascending under public. You should see Phoenix Ascending 2.201 (I think that's the newest). The indicators are from user @WyckoffMode. I recommend watching his videos. He doesn't have any tutorials yet, but he has a lot of videos from the past where he walked through their use