CARDANO (ADA/USD) Can It Glimb Above The Counter Trendline??!

Weekly Forecast!

If Ripple' (example) doesn't lose any value in the last week then Cardano' lost around 5%.
Cardano' starts to show us some bearish signs, and we are very close to getting some bearish confirmations.

Currently, we have two trendlines - short-term down trendline which is pulled from September 1. high and the major counter trendline which is pulled from September 12. low point and this major counter trendline start to give us some bearish signs.

Yesterday (Sunday), the price was below the counter trendline but luckily it manages to jump back above the trendline and currently, again, it attempts to break below the counter trendline. The close below the line will confirm bearishness because of the overall trend. The overall trend is down and if the counter trendline breaks (You can call this also a short-term up-trendline) then it will indicate that the current up-trend momentum has gone and we may continue to the overall direction which is downwards.

This bearish scenario is definitely on the table if Bitcoin' can't break above the Falling wedge chart pattern and if it doesn't get a close above that. A rejection downwards will pull down the whole market and definitely, as You see on the price action, it pulls down Cardano'!

To discuss about both scenarios for this week then we have to get price action confirmations!

Bullish confirmations:
1. First of all, we have to get back into the triangle
2. A daily candle close above the short-term down trendline.
It will guide us to the round number at $0.8.
3. A candle close above the $0.8 will guide us to the strong area which is at $0.91.


Bearish confirmations:
1. A daily candle close below the counter trendline will guide us to the round number area at $0.7
2. A daily candle close below the round number and historically worked support level will trigger the bear market for Cardano' and until the 2018 low there are now significant support levels, so, a close below the $0.7 will guide us to the 2018 low levels!


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