Cardano Skips To My Lou (ADA/BTC)

Hello friends! Welcome to this update analysis on Cardano! Let's jump right in. Looking at the four hour ADA/BTC chart, you can see that Cardano has continued to the downside. If you recall from my last post, I said "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." As you can see, the 61.8% retrace has fallen, and ADA/BTC is making a quick move toward 3204, as anticipated. If Cardano reaches 3204, that level should provide some initial support. There is virtually no support, between here and there, so I doubt the decline will be interrupted. Volume is dismal, and the MACD hasn't got any real momentum behind it, which is why this chart is printing very small candles. Overhead resistance is now falling above Cardano too. You can see that the 20 EMA (in blue) is just above, and it's curving lower with the price action. ADA/BTC actually hasn't surpassed the 20 EMA in the past seven days. The 50 EMA (in orange) is just above that. We also have the 618 and the orange resistance level, slightly above the current price action as well. So, there is a lot of overhead resistance, and little downside support. Therefore, the path of least resistance is lower. Good luck trading everyone.

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-