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Ada - bullish and awaiting first re-trace opportunity

Hello!

Currently in cardano we have seen a nice surge from the double bottom trend reversal.

We have made it up and past the first major support/resistance milestone in my view of the .236 fib at .00001356 sats. This is where Ada needs to establish its self.

The 1 day chart looks pretty good in terms of indicators. RSI looks great, so does MACD. There has been a nice solid uptrend established from the bottom as pictured. Volume has been very good to us.

The 4 hour chart is currently showing a bearish divergence, but in events past we have seen Cardano blast through bearish divergences on the 4 hour chart initially until it does find the spot that it wants to re-trace from.

I have put up the fibonacci levels of where we could re-trace from at this point if we don't continue up first. Also, if we were to do a .50 fib or .618 fib retracement right now in Ada, the 1 day chart would look like a cup and handle. I like those apples!

Please let me know what you think!

Thank you!

Uwaga

Bearish divergence on 4 hour signaling a likely retrace in the not so distant future. We may have another leg up to go before that happens.

Uwaga

Respecting the trend line so far.

Uwaga

4 hour candle has not closed yet, but we are getting a trend break, bearish divergence on both MACD and RSI...MACD bearish cross. This may be our re-trace.

Uwaga

Kind of concerned here because it looks like head and shoulders forming on the 4 hour, you can also see it on the 4 hour RSI.

Dawnchorus

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Dawnchorus