ADA Cardano may be forming the right shoulder to a head and shoulders pattern. Although the 2-4 HR charts are showing a reversal in the MACD, the 1D is looking like it has room to go down.
As you can see by the black neck line, it forms a perfect channel with the dotted lines at the top, we could be in an ascending channel or possibly a broadening rising wedge, in which case would be bullish.
H/S shoulders are bearish, and if this is the case, be ready to sell on the next wave up at around 0.00004080.
Look for a downwards target of 0.00003048.
As you can see by the black neck line, it forms a perfect channel with the dotted lines at the top, we could be in an ascending channel or possibly a broadening rising wedge, in which case would be bullish.
H/S shoulders are bearish, and if this is the case, be ready to sell on the next wave up at around 0.00004080.
Look for a downwards target of 0.00003048.
Note
sad right shoulder but we're on our was to 0.5 - 0.618 retrace.
Note
and here is the same chart in day view, with elliot wave applied, you can see that we have entered corrective waves now. Will have to wait longer to see what kind of waves we are gettingNote
ADA BTC almost reached my target of 0.00003048
It's finding some support at the 200 MA, might bounce off and go in to bullish mode from here or reach the target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.