Support area
Updated
Hi everyone, I hope you are doing well.
After this short consolidation we can see that we have reach a very big support on the ADA/BTC pair. This area is a part of the previous resistance from April 2019 and was also a support in various occasions in 2018. The 4 hrs oversold as the 6 hrs and almost the 12 hrs are confirming the bias that we will hold this strategic position.
In case we don't hold it, we should see a test of the EMA 200 at the daily (arround 1200 sats) and a clear weekly consolidation. This would be short term bearish for ADA/BTC and very unlikely if we consider the investors sentiments, the fundamentals and the positives news coming during the next months. Anyway the market could be affected by bitcoin going down as a Black Swan event.
Daily
Weekly
In case our bullish bias is validated we will probably see a green hammer on the daily today and forming a good output for the week-end in general. I expect a close between 1945 and 1970 sats placing the trend over the EMA 12 at the 3D (I don't have the image sorry) to perfectly create the conditions to start a bounce and the rejection of the bear cross of the EMA 12 under the EMA 26 at the daily. Nevertheless we need to be careful with the 3D that is still in a zone that could trigger a weekly consolidation heading for 1630 sats. Everything let us believe that April would be very bullish for Cardano with a potential bull cross on the monthly.
Monthly
About the resistances we can see a dynamic resistance (in red) that give us information to when to consider a possible test of the historical resistance at 4190, one of the last major stone before thinking to see ATH. More information will be available once we break our local high at 3200 sats and the dynamic resistance.
In case we hit 4190 sats very fast, we should expect a correction between 40% and 55% to cool off the monthly and weekly rsi.
After this short consolidation we can see that we have reach a very big support on the ADA/BTC pair. This area is a part of the previous resistance from April 2019 and was also a support in various occasions in 2018. The 4 hrs oversold as the 6 hrs and almost the 12 hrs are confirming the bias that we will hold this strategic position.
In case we don't hold it, we should see a test of the EMA 200 at the daily (arround 1200 sats) and a clear weekly consolidation. This would be short term bearish for ADA/BTC and very unlikely if we consider the investors sentiments, the fundamentals and the positives news coming during the next months. Anyway the market could be affected by bitcoin going down as a Black Swan event.
Daily
Weekly
In case our bullish bias is validated we will probably see a green hammer on the daily today and forming a good output for the week-end in general. I expect a close between 1945 and 1970 sats placing the trend over the EMA 12 at the 3D (I don't have the image sorry) to perfectly create the conditions to start a bounce and the rejection of the bear cross of the EMA 12 under the EMA 26 at the daily. Nevertheless we need to be careful with the 3D that is still in a zone that could trigger a weekly consolidation heading for 1630 sats. Everything let us believe that April would be very bullish for Cardano with a potential bull cross on the monthly.
Monthly
About the resistances we can see a dynamic resistance (in red) that give us information to when to consider a possible test of the historical resistance at 4190, one of the last major stone before thinking to see ATH. More information will be available once we break our local high at 3200 sats and the dynamic resistance.
In case we hit 4190 sats very fast, we should expect a correction between 40% and 55% to cool off the monthly and weekly rsi.
Trade active
We may have a breakout from the downward resistance. ADA/USDT 4hrs
ADA/BTC 4 hrs
Trade active
Be ready
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