ofbullsandbears

ADABTC (Binance) Technical Analysis

BINANCE:ADABTC   Cardano / Bitcoin
Hello fellow traders,

Let's take a quick look at the 4hr ADABTC             chart and see what we can expect in the next few days. To start, notice the fib lines referencing the decline from 9000 to 3600 satoshis. I've pointed out five failed breakouts, circled in red. Each time the bulls have attempted a breakout they have been thwarted, once at the 61.8%, four times at the 50%, once at the 38.2% and then most recently at the 23.6%. The two most recent breakout attempts have also coincided with the downward slope of a triangle pattern that has formed over the last week and a half. There are also a pair of dotted blue lines denoting some recent support. We have dipped below the top support line and fallen down to the lower support level where strong buying appeared. From there ADABTC             has been trapped in the triangle. MACD shows signs of a break to the downside to retest the lower dotted support line. If this happens, there is potential to become range bound between the dotted lines.

Be safe and smart out there. Take luck!
Bình luận: Last candle on the 1 hour chart was an inside bar. Might be an early signal for upward movement
Bình luận: If I had known that dotted green lines had magnetic properties, I would have drawn them slanting upwards! So, where to next Miss Lovelace? (Did you know that the dev team decided on the symbol ADA as a tribute to the first computer programmer, Ada Lovelace? Pretty cool huh) Looking at this chart, I see an ascending scallop forming, noted as a magenta curve in the zoomed in chart.
MACD is just crossed upwards. RSI is pointing down, however there is lots of room to move up. On an upward push by the bulls we can expect the 23.6% retracement line to pose resistance. Notice the red circles where the last two tests have failed to break through. Third time is the charm, right? Maybe, but we cannot forget about the orange mega downtrend line. If ADA manages a confirmed breakout above the mega downtrend though, this would signal the start of a new uptrend. Considering the overall market sentiment, we can be hopeful at the very least.

Trade smart and take luck! See yall soon
Bình luận: Scallop formation brokedown and was a no go, however, I think this push downward is coming to an end soon. The 1 day chart is showing low levels on both the RSI and the Stoch indicator. The 4 hour chart shows the RSI has already crossed the threshold into oversold territory. Last time we were this low on the RSI it was followed by a rally up to the top of the mega downtrend line. As stated in the Feb 13th comment, I still expect the 23.6% fib line to pose heavy resistance as the last two attempts have failed to breakout above this level.

Hope is coming, just be patient. When trends keep moving lower like this, it is OK. We just wait for the bottom so Miss Lovelace can spring up like a rocket.

Have a great night! Trade smart
Bình luận: Hello fellow traders and followers! I want to sincerely thank you for reading my posts over the last couple of months. I will not be updating these ideas any further here as I am moving them to another profile. I plan on continuing the chart analysis at the new profile which can be found at:

https://www.tradingview.com/u/WildmanCryptoConsulting/

I look forward to supporting your trades in the future!
Thanks Mate
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