Cardano #ADA has been in a long correction. Is this the bottom?
Many indications point to yes but we never really know with Crypto.
- ABCDE Correction formed a falling wedge, usually after E wave we will break the triangle
- Total correction has reached 78% Fib Level, there is not much more support under this range and will fall right down to the 100% retracement if the 78% level cannot hold
- Large support area to the left between W1+2 (Red Rectangle), this gives more support around the 78% level to hold and hopefully bounce off
- Divergence between the candle pattern and RSI pattern, this is another bullish indication as we are trending out of the oversold conditions
- Reversal may take place after a bounce off RSI trend line, as the price trend moved toward the 78% level, the RSI began to trend the opposite way creating divergence which would also show more support at this Fibonacci Level
Please let me know what you think!
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Thanks!
Many indications point to yes but we never really know with Crypto.
- ABCDE Correction formed a falling wedge, usually after E wave we will break the triangle
- Total correction has reached 78% Fib Level, there is not much more support under this range and will fall right down to the 100% retracement if the 78% level cannot hold
- Large support area to the left between W1+2 (Red Rectangle), this gives more support around the 78% level to hold and hopefully bounce off
- Divergence between the candle pattern and RSI pattern, this is another bullish indication as we are trending out of the oversold conditions
- Reversal may take place after a bounce off RSI trend line, as the price trend moved toward the 78% level, the RSI began to trend the opposite way creating divergence which would also show more support at this Fibonacci Level
Please let me know what you think!
Feel free to comment and give me a follow
Thanks!