Technical Analysis on Cardano: Waiting for a bounce

Cardano finally broke above a major descending resistance line. It now looks as though it’s on wave 2, of 5 waves up. In today’s video I discuss where wave 2 may find bottom, major support/resistance zones, a target for the next possible impulse wave up and much more.

Video Analysis:

Please watch the above video for detailed analysis not found in the screen shots below.

Breakout of major descending resistance, marking a break of the larger bearish trend. Support and resistance zones highlighted in grey.

Big Picture Count going back to late 2017:

Zooming in on the 4 hour chart, we can see wave 2 is looking for bottom. There’s a strong support/demand zone between 2,235-2,200 satoshi. Assuming bitcoin doesn’t drop, I’d expect Cardano to bounce off this support zone. Should it break below, there’s strong support between 2,150-2,130 satoshi. The target for wave 3 is approximately 2,735 satoshi.

The Stock RSI is very oversold. This, along with other factors discussed in the video, suggest a bounce may be coming very soon.

Please watch the video for much more detailed analysis. Remember, like most altcoins, Cardano is tied to bitcoin. If it drops, ADA will likely drop, invalidating the above count. Let’s see how the next 24 hours play out.

BIAS
Short Term: Neutral
Longterm: Bullish

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

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by Workin2005

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