Cardano recent corrective wave down resulted in a decline from $0.4, down to $0.16, where it found the support at the uptrend trendline. The trendline has been rejected cleanly, which occurred right at the Fibonacci Time Zone 3rd cycle, suggesting the beginning of the next wave.
Since the uptrend trendline has been rejected and the following move up resulted in a break above the descending channel, it could be reasonable to suggest that the next wave could be heading upwards.
Currently ADA/USD is trading right at the $0.166, that might be a perfect buying opportunity. At the same time in is important to watch for the daily break and close below $0.166, as it would invalidate bullish outlook and could send price lower, towards $0.12 and below.
On the other hand, if the support will hold, the uptrend might result in a growth towards $0.76 area, that is confirmed by two Fibonacci retracement levels. First is 50% Fibs applied through the all-time high. Second is 161.8% Fibs applied to the corrective wave down after the 10.02.2018-15.04.2018 descending channel breakout.
Since the uptrend trendline has been rejected and the following move up resulted in a break above the descending channel, it could be reasonable to suggest that the next wave could be heading upwards.
Currently ADA/USD is trading right at the $0.166, that might be a perfect buying opportunity. At the same time in is important to watch for the daily break and close below $0.166, as it would invalidate bullish outlook and could send price lower, towards $0.12 and below.
On the other hand, if the support will hold, the uptrend might result in a growth towards $0.76 area, that is confirmed by two Fibonacci retracement levels. First is 50% Fibs applied through the all-time high. Second is 161.8% Fibs applied to the corrective wave down after the 10.02.2018-15.04.2018 descending channel breakout.
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potential trend reversal still valid
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approaching next cycle
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get ready for a rally
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next cycle just started