All Bullish for Cardano /ADA (but it depends on BTC)
Lots of news for Cardano so I had to check out the chart.
Two two scenarios show bullish price action from Cardano, which is highly correlated with BTC.
First scenario, plotted in blue, showing the rebound from the BTC crash (just above the .618FIB) as leg one. Leg 2 being a shallow retracement with ADA currently in leg 3 moving through it's current resistance. with an ultimate price target of $1.86.
Second scenario, plotted in green, shows ADA currently in the rebound from the BTC crash as and the historic resistance line (plotted in white) as the end of leg one (where we are currently). Leg 2 being a more severe retracement with ADA in leg 3 moving through both it's current resistance and historic resistance levels making a new ATH close to PT 1 and then retracing on leg 4 before ultimately topping out at the 2.618 FIB and a PT of $2.34.
Both scenarios are highly dependent on BTC at least maintaining current levels.
Two two scenarios show bullish price action from Cardano, which is highly correlated with BTC.
First scenario, plotted in blue, showing the rebound from the BTC crash (just above the .618FIB) as leg one. Leg 2 being a shallow retracement with ADA currently in leg 3 moving through it's current resistance. with an ultimate price target of $1.86.
Second scenario, plotted in green, shows ADA currently in the rebound from the BTC crash as and the historic resistance line (plotted in white) as the end of leg one (where we are currently). Leg 2 being a more severe retracement with ADA in leg 3 moving through both it's current resistance and historic resistance levels making a new ATH close to PT 1 and then retracing on leg 4 before ultimately topping out at the 2.618 FIB and a PT of $2.34.
Both scenarios are highly dependent on BTC at least maintaining current levels.
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