ADA/BTC asking "to C or Not to C" ? Cardano ready to retrace?
Updated
Cardano has been very strong since breakout.
But we really need a retrace to confirm supports.
Thus far we saw one leg pullbacks only, not 3 waves.
Currently at an important line: the Blue 2.618.
The 2.618 is often a strong support but was broken.
But even a once-broken 2.618 can form a "higher low".
Thus we can NOT be confident of Wave C happening.
.
This is an update to my ongoing anaylysis which started with aniticipated Breakout:
After the breakout, I had some near term targets which were hit and surpassed:
My last plot was expecting 1600 sats to be serious reistance, which proved correct:
Now watching closely for ABC to complete as normal, or to bounce off 2.618 and keep going:
But we really need a retrace to confirm supports.
Thus far we saw one leg pullbacks only, not 3 waves.
Currently at an important line: the Blue 2.618.
The 2.618 is often a strong support but was broken.
But even a once-broken 2.618 can form a "higher low".
Thus we can NOT be confident of Wave C happening.
.
This is an update to my ongoing anaylysis which started with aniticipated Breakout:
After the breakout, I had some near term targets which were hit and surpassed:
My last plot was expecting 1600 sats to be serious reistance, which proved correct:
Now watching closely for ABC to complete as normal, or to bounce off 2.618 and keep going:
Note
Finally, the C wave reached first target. .
Note
Bulls trying for a double bottom in the crucial support zone .
Note
Double-bottom has played out in ideal fashion thus far: the 'hump' between bottoms was surpassed, then retested for entry confirmation for a lot of traders .
Note
So now we have a Fib-War: the Red ripples pushing down, Green ripples pushing up in theory .
Note
Maybe one more leg of correction for ABCDE? to say 1450 sats? .
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