The price of Cardano cryptocurrency quoted for Bitcoin ADABTC dropped lower in the wave correction (4) than assumed in the original wave scenario. Nevertheless, after reaching the level of 0.00004066, the price dynamically rebounded by drawing a reversal candle formation called Hammer Candlestick Pattern. Then it broke above the golden downward trend line and it reached 50% of the Fibo retracement of the previous down leg.
The main scenario:
Currently, the price is most likely in the psubwave 2 correction and tests the trendline from the bottom and is approaching the support level of 38% Fibo at 0.00005802. The price can still go deeper to other levels of elimination eg 50% or 61% and bounce up after hitting one of them. After the correction, an impulsive breakdown is expected to reach around 0.0001000, which is almost 100% profit.
Alternative scenario:
On the other hand, an alternative scenario assumes the deepening of declines in the more complex wave correction (4) over time and in price: - breaking below 61% Fibo will mean a higher probability of decreases towards the first level of 0.00004066, and then even 0.00003236 (red dotted arrows). - knocking the top to the level (or near the level) of the previous wave (3) high, followed by a dynamic retreat, will also mean a more complex correction in the unfinished wave (4). Violation of 0.00003236 invalidates a completely impulsive growth scenario.
TREND AND IMPORTANT LEVELS:
Main trend: UP Intermediate trend: DOWN Daily trend: NEUTRAL / UP (continuation of the upward trend and the possibility of breaking higher after adjustment)
KEY LEVELS:
- for further increases - 0.00006895 and later 0.00007227 - for continuing correction - level 0.00005802, 0.00005466 and 0.00005130 - for a continuation of falls - level 0.00005130 and later 0.00004066
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Zlecenie aktywne
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Correction in wave 2 (green circle) might have been completed and now the market is trying to break out above the golden trend line. To confirm the bullish impulsive scenario, the level of 0.00004066 must NOT be violated. Next target: 0.00006626. Buybackzone: 0.0000500 - 0.00006000
Komentarz
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A Rising Wedge pattern has been made on Cardano. Is this the time to rally 100%? Watch the demand zone!
Komentarz
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Here we go! :) The key level of 0.00006000
Komentarz
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Correction in wave 4 seems completed in (A)(B)(C). New lows made, but the trend line is being tested now. Rally still possible.
Could you analyse XELBTC? I thought it was a great EW but I'm not so sure anymore...
emilw
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Update coming to this mate?
WorldEconomics
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Unlikely, as great as Cardano is.. they aren't releasing any developments soon to spike this much interest in it. Cardano will push higher but not 100% in short term as your chart calls for.
KeyshawnEbanks
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@BankofEngland, Price creates news, not the other way around.
WorldEconomics
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@KeyshawnEbanks, - How so? EMC2 "Major Announcement" has collapsed their price and has not recovered since and is STILL going down. Same went for Swell Conference with Ripple, it was lack luster news and that tumbled the price of Ripple.
KeyshawnEbanks
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@BankofEngland, @ me after EMC2 finishes its third fractal correction and moons.
sa_dhu
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@BankofEngland, why do you even compare buddy coin(emc2), sneaky banker's coin(xrp) and ITS MAJESTY CARDANO?