1350 sats was the neckline of the inverse Head and shoulder. This is the zone which lead to the breakout.
IHS played out very well and our target of 1900 was reached.
A full retrace to Breakout zone so early is a surprise. But, none the less cardano price against btc is in buy zone and this support should hold.
My Previous support zones were 1700 and 1530....
As said in previous Update, 1700 will act as a support and it did. Bitcoin Retracement helped cardano to test that 1700 support.
Current price is 1820 sats and once again we are looking to test that 1940 Resistance.
FIB Retracement tool shows next resistance at 1940, 2200 and 2580 zone.
We almost reached our IH&S Target of 1900 Sats Today.
Target was reached way earlier then i expected. Which means there is more room for growth before ADA summit on 17th-18th april.
If we Break 1900 sats in few days and close above it then we may go towards 2400.
If BTC helps Ada may also reach 3k Sats very soon.
Positive Signal: 50 EMA Crossing 200 EMA on...
Absolute Beauty !!!
Look how Well FIB Retracement sits.
A long way to go for ADA to Break that ATH. So, lets take this step by step.
Currently, Ada is fighting with the neckline of the possible Inverse head and shoulder bottom.
IHS target is around 1900-1950 zone. Which also happens to be 0.5% retracement zone.
Shelley is Coming.
1H Chart shows that the price bounced and again trying to retest that 840 support zone.
If we do not bounce from here soon, we may see a failing falling wedge pattern which means more downside.
ADA Price action totally depends on BTC price movements currently. If btc price discovers 2500 area to be the bottom, then ADA may capitulate to around 600-650 zone.
Cardano (ADA) is mimicking BTC moves.
A falling Wedge is forming on daily chart and currently the price is sitting right on support.
Stoch RSI Approaching oversold zone + bullish Divergence can be seen.
RSI in Oversold Region. A Bounce from this area is very important or else we will see 600-700 zone as a bottom.
BTC shorts on Bitfinex have reached the zone for the sixth time. Every time BTC price goes up to liquidate shorts.
Wait for the confirmation before making a move.
BTC chart showing bullish Div in Link to related ideas.
We noticed a Triangle forming on 1h chart and fortunately for bulls, it broke out from it and reached our target of 4050 on coinbase and 4150 on Bitfinex.
A small correction may follow & Daily Close above 4100 is important for more upside.
Chances are 3500 was indeed the bottom of this bear season for Bitcoin.