Hello traders and community, today we will tell ourselves shortly about the situation of ADA/USDT
Trend analysis
- As you can see from the ADA/USDT daily chart, the price of Cardano completed bearish breakout move and also completing Elliot 5 waves pattern. That's why we as traders can expect bearish trend for the following days as you can see from the possible scenario (white line on the chart). I recommend to open short trade position up to 0,95 price level to be safe against reroute movement, but you can also try to maximum level of 0,88093 price level (possible scenario on the chart). Today's resistance level is near 1.15 price level (red line), support level is on 1.03 price level (green zone), global trend will stay bullish if can get back on 1,15 price level (orange line).
Chart pattern
- Bearish breakout (approved)
- Elliott 5 waves pattern (processing)
Technical indicators
- RSI: market is still in boarders and is located near 50 level (not overheated, Neutral signal)
- MACD: MAs are prepared for downward movement + they are moving away from each other and overall trend is going down (Bearish signal)
- BB: Volatility of the market started increasing after range movement accomplished (Bearish signal)
- MA (10,20): MA10 is below the level of MA20 (Bearish signal)
= Overall bearish signal movement
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.
Trend analysis
- As you can see from the ADA/USDT daily chart, the price of Cardano completed bearish breakout move and also completing Elliot 5 waves pattern. That's why we as traders can expect bearish trend for the following days as you can see from the possible scenario (white line on the chart). I recommend to open short trade position up to 0,95 price level to be safe against reroute movement, but you can also try to maximum level of 0,88093 price level (possible scenario on the chart). Today's resistance level is near 1.15 price level (red line), support level is on 1.03 price level (green zone), global trend will stay bullish if can get back on 1,15 price level (orange line).
Chart pattern
- Bearish breakout (approved)
- Elliott 5 waves pattern (processing)
Technical indicators
- RSI: market is still in boarders and is located near 50 level (not overheated, Neutral signal)
- MACD: MAs are prepared for downward movement + they are moving away from each other and overall trend is going down (Bearish signal)
- BB: Volatility of the market started increasing after range movement accomplished (Bearish signal)
- MA (10,20): MA10 is below the level of MA20 (Bearish signal)
= Overall bearish signal movement
Dear friends, please push the like button, write comments below, follow me for more technical analysis and share this post with other traders - that would be the best support, Thank you for your attention!
Tell us about your opinion for making better decisions :)
P.S.: Information provided is only educational and should not be used to take action in the market.