37% Gone, Since I Gave You The H&S in Cardano! (ADA/BTC) =D
Hi friends! Welcome to this update analysis on Cardano! Let's get right to it! Man-oh-man, looking at the four hour chart, you can see that ADA/BTC has reached my head and shoulders target PERFECTLY! I actually had no idea, until one of my Twitter followers gave me a heads up. I went back to check, and when I first gave the head and shoulders target, ADA/BTC was at 4056. Since then, it has fallen to a low of 2553. That's a loss of 37.1%! Unbelievable. If you would have shorted when I put the head and shoulders target out, or even sold your long positions, you would have gained or saved a nice chunk of change.
So where do we go from here? Well, as you can see, the 20 EMA (in blue) and the 50 EMA (in orange) continue to fall just above the price action, so significant overhead resistance remains. That doesn't mean that we won't see a relief rally though. It is entirely possible that ADA/BTC could find support here, so I wouldn't personally be interested in shorting here, unless there was a continued breakdown below the current level. If that were the case, I would look to the 786 and then the 1687 level as the main target. Interestingly, the 1687 level ties in perfectly with 100% correction yield of the head and shoulders pattern. However, the MACD appears to be trying to form a weak bullish crossover, as Cardano consolidates on my downside target, so we may see a pause in selling.
Overall, ADA/BTC remains in a downtrend, forming lower highs and lower lows. There is currently no technical indication of a reversal. For that to emerge, the bulls would need to see Cardano rally above the 20 EMA, the 50 EMA, and particularly, the high from 2/25. That would put a higher high on the map, and could be indicative of a trend reversal. However, that doesn't currently exist, so the bias remains to the downside. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
So where do we go from here? Well, as you can see, the 20 EMA (in blue) and the 50 EMA (in orange) continue to fall just above the price action, so significant overhead resistance remains. That doesn't mean that we won't see a relief rally though. It is entirely possible that ADA/BTC could find support here, so I wouldn't personally be interested in shorting here, unless there was a continued breakdown below the current level. If that were the case, I would look to the 786 and then the 1687 level as the main target. Interestingly, the 1687 level ties in perfectly with 100% correction yield of the head and shoulders pattern. However, the MACD appears to be trying to form a weak bullish crossover, as Cardano consolidates on my downside target, so we may see a pause in selling.
Overall, ADA/BTC remains in a downtrend, forming lower highs and lower lows. There is currently no technical indication of a reversal. For that to emerge, the bulls would need to see Cardano rally above the 20 EMA, the 50 EMA, and particularly, the high from 2/25. That would put a higher high on the map, and could be indicative of a trend reversal. However, that doesn't currently exist, so the bias remains to the downside. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-
-JD-
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Here's where I gave the head and shoulders call...
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Ps. There's a bullish divergence on the MACD. Keep an eye on that.