For My Twitter Peeps! CARDANO! (ADA/BTC)
Hi friends! Welcome to this analysis on CARDANO! Congratulations to the 2nd place winners, who voted ADA, during my #CoinVote on Twitter! Let's jump right in, looking at the four hour ADA/BTC chart, we can see that there has been a lot of sideways choppiness. The chop has been on a steady downtrend since the high, and ADA/BTC most recently dropped below heavy support (at the 50% retrace) and defined it as new overhead resistance. You can see that after falling below, ADA/BTC produced two failed attempts to get above the 50% retrace, and then turned lower, which has confirmed that level as heavy resistance. Right now, it's testing the 61.8% retrace, and the low from 2/2/18. If that level falls, ADA/BTC will probably have a swift decline to around 3204. You can see that there is no support between the 618 and 3204, so that area could produce some quick movement.
Looking at the action around the all-time high, you can see that a lopsided head and shoulders pattern was formed. This pattern is sloppy, but it's a head and shoulders, none-the-less. I've made a measurement of the pattern, to assess it's downside potential, and you can see that it extends down below the 78.6% retrace. However, I think that level is a little deep. So, for now, I've placed the target at a more reasonable level, which offered clear support in December. The target is around 2574. However, we need to watch to see if the 618 is broken, before putting a lot of faith in this target. Given the overall bearishness of this chart, I do expect further downside. We need to see evidence, though, of a break below the 618, to know that further downside remains.
The MACD has just produced a bearish crossover, and the volume is practically non-existent. Ultimately, it appears as though ADA/BTC will remain under pressure, as no bullish signs are visible on this chart. On the upside, look for the orange trendline at 4056 to be resistance, followed by the 50 EMA (in orange) and the 200 EMA (in purple.) On the downside, look for a break below the 618, and then a drop to 3204.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
Looking at the action around the all-time high, you can see that a lopsided head and shoulders pattern was formed. This pattern is sloppy, but it's a head and shoulders, none-the-less. I've made a measurement of the pattern, to assess it's downside potential, and you can see that it extends down below the 78.6% retrace. However, I think that level is a little deep. So, for now, I've placed the target at a more reasonable level, which offered clear support in December. The target is around 2574. However, we need to watch to see if the 618 is broken, before putting a lot of faith in this target. Given the overall bearishness of this chart, I do expect further downside. We need to see evidence, though, of a break below the 618, to know that further downside remains.
The MACD has just produced a bearish crossover, and the volume is practically non-existent. Ultimately, it appears as though ADA/BTC will remain under pressure, as no bullish signs are visible on this chart. On the upside, look for the orange trendline at 4056 to be resistance, followed by the 50 EMA (in orange) and the 200 EMA (in purple.) On the downside, look for a break below the 618, and then a drop to 3204.
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
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