THIS IS WHERE IT ALL BEGINS! #ADA #BULLS
Cardano is following some textbook movement as we push to the downside, however apart from the perception of bearishness this current structure is far from what it seems.
In my last article is explained my short term bearish TA on ADA and it seems to be playing out the way I predicted as it was clear the narrative was shifting in the short term which was made apparent by a couple indicators using the daily time frame.
Now I have created a strong scenario of which the price is currently playing out. This scenario is a bearish head and shoulders pattern with a target at the $1 mark which is also a strong support, and to further strengthen my confluence, the price hitting $1 would convert the previous resistance into support which is a strong sign of a bullish trend reversal. This is all happens as it also broke out of the previous multi month down trend... if this does not make you extremely excited then I'm sorry to break it to you, but TA is not for you.
Once ADA hits $1 in the following days to come and holds that level of support, it will be made clear that a stable uptrend will begin, obviously depending on what happens politically and in the crypto space as a whole.
Once the price bounces of $1, it is vital that the price breaks above $1.28 and stays above securing the first level of resistance turned support, which happens to be the 78.6% fib retracement.
The RSI is very neutral sitting at around 50 at the time of writing. This is a great sign as the market has the potential to move both ways without bumping into any limitations of being over sold or over bought, however it is more imminent that the price will break to the downside considering all the bearish information portrayed by the price action.
Thank you for reading up till this point! please feel free to give your most honest opinion on the current price action in the short to medium term as I am always open to contrasting opinions.
In my last article is explained my short term bearish TA on ADA and it seems to be playing out the way I predicted as it was clear the narrative was shifting in the short term which was made apparent by a couple indicators using the daily time frame.
Now I have created a strong scenario of which the price is currently playing out. This scenario is a bearish head and shoulders pattern with a target at the $1 mark which is also a strong support, and to further strengthen my confluence, the price hitting $1 would convert the previous resistance into support which is a strong sign of a bullish trend reversal. This is all happens as it also broke out of the previous multi month down trend... if this does not make you extremely excited then I'm sorry to break it to you, but TA is not for you.
Once ADA hits $1 in the following days to come and holds that level of support, it will be made clear that a stable uptrend will begin, obviously depending on what happens politically and in the crypto space as a whole.
Once the price bounces of $1, it is vital that the price breaks above $1.28 and stays above securing the first level of resistance turned support, which happens to be the 78.6% fib retracement.
The RSI is very neutral sitting at around 50 at the time of writing. This is a great sign as the market has the potential to move both ways without bumping into any limitations of being over sold or over bought, however it is more imminent that the price will break to the downside considering all the bearish information portrayed by the price action.
Thank you for reading up till this point! please feel free to give your most honest opinion on the current price action in the short to medium term as I am always open to contrasting opinions.
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