Cardano looks like it might be preparing for another leg up.
In the short term group of timeframes (90, 3h, 6h, 12h).
The Green EMA is higher than the Energy in all this group of Timeframes.
Although the Red RSI has made contact with the Green EMA as it falls in the 3h, it has not yet closed - if it does close like this we will see the Energy cross below 50 on the next candle, indicating a period of downward pressure. However, the Red RSI is rising and has already crossed bullish above the Blue LSMA, furthermore the Energy is rising in the 6h and 12h and in both timeframes we have closed with the Red RSI and Blue LSMA making contact with the Green EMA as it rises. Based on this observation, I believe that the Energy in the 3h may only just dip below 50 if at all and the Green EMA could well turn back up.
In the near term group of Timeframes (1d, 2d, 3d, 4d)
In the daily the Energy is considerably higher than the Green EMA which is bearish, however the Green is going out to the side and can potentially make way for the Energy to fall below, also in this TF the Red RSI has crossed bullish above the Blue LSMA, and bothe are heading up toward 50. In the rest of the TFs in this group the Green EMA is higher than the Energy, indicating upward pressure. The Red RSI and the Blue LSMA have made contact with the Green EMA as it rises above 50 in the 2d which is a bullish sign. We really want to see the Blue LSMA and Red RSI turn up in the 2d and both to continue up in the daily. If this happens we can expect the Bollinger Bands to expand as the price action rises between the Aqha/Orang upper BBs.
The Green EMA is also higher than the Energy in all the mid term group of timeframes (3d, 6d, 9d, 12d) indicating bullish sentiment.
In summary:
Despite the fact that there are lots of "IFs" I believe we could be in an transitionary phase to sustained upward pressure. It is a bit premature based on the indicators for me to call this and I would not recommend basing any opening of positions based on this analysis but I would by the same token not be selling my positions.
As mentioned in previous publications, these markets can change with very little notice. These changes initially manifest themselves in the lower timeframes and propagate up through the timeframes. Nothing is set in stone. Unless you are day trading, you cannot benefit from these early warning signals.
As always - this is not financial advice but just my view of current market dynamics.
One has to be aware that analyses are done on the basis of what the indicators are saying at the time and things can change. It is important to always monitor the scalping group of timeframes as we will see changes propagate up from there.
Trade safe
aBL
In the short term group of timeframes (90, 3h, 6h, 12h).
The Green EMA is higher than the Energy in all this group of Timeframes.
Although the Red RSI has made contact with the Green EMA as it falls in the 3h, it has not yet closed - if it does close like this we will see the Energy cross below 50 on the next candle, indicating a period of downward pressure. However, the Red RSI is rising and has already crossed bullish above the Blue LSMA, furthermore the Energy is rising in the 6h and 12h and in both timeframes we have closed with the Red RSI and Blue LSMA making contact with the Green EMA as it rises. Based on this observation, I believe that the Energy in the 3h may only just dip below 50 if at all and the Green EMA could well turn back up.
In the near term group of Timeframes (1d, 2d, 3d, 4d)
In the daily the Energy is considerably higher than the Green EMA which is bearish, however the Green is going out to the side and can potentially make way for the Energy to fall below, also in this TF the Red RSI has crossed bullish above the Blue LSMA, and bothe are heading up toward 50. In the rest of the TFs in this group the Green EMA is higher than the Energy, indicating upward pressure. The Red RSI and the Blue LSMA have made contact with the Green EMA as it rises above 50 in the 2d which is a bullish sign. We really want to see the Blue LSMA and Red RSI turn up in the 2d and both to continue up in the daily. If this happens we can expect the Bollinger Bands to expand as the price action rises between the Aqha/Orang upper BBs.
The Green EMA is also higher than the Energy in all the mid term group of timeframes (3d, 6d, 9d, 12d) indicating bullish sentiment.
In summary:
Despite the fact that there are lots of "IFs" I believe we could be in an transitionary phase to sustained upward pressure. It is a bit premature based on the indicators for me to call this and I would not recommend basing any opening of positions based on this analysis but I would by the same token not be selling my positions.
As mentioned in previous publications, these markets can change with very little notice. These changes initially manifest themselves in the lower timeframes and propagate up through the timeframes. Nothing is set in stone. Unless you are day trading, you cannot benefit from these early warning signals.
As always - this is not financial advice but just my view of current market dynamics.
One has to be aware that analyses are done on the basis of what the indicators are saying at the time and things can change. It is important to always monitor the scalping group of timeframes as we will see changes propagate up from there.
Trade safe
aBL