Cardano Intraday Analysis 05/27/2021 Downside expected

Cardano has reached a potential macro top at an all time high of $2.47 however more downside is expected, with a clear valid wave count which accounts for more downside, recent gains in previous days along with btc bouncing seem to be corrective price action against the bearish momentum which seems to be resuming. A likely 5 wave C wave is expect to the downside towards fib extension levels; likely fib extension supports will be ~0.786 & ~1:1 fib extension at $1.12 and $0.98 respectively. Since hitting a top at $1.8261 we have began coming down impulsively in the short term price action; in confluence with BTC coming down and resuming bearish momentum we can expect Cardano to reach downside targets. A stop above $1.83 is valid targeting aforementioned levels.

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