Cardano (ADA) looks to go long Wave 3
Updated
I''m starting to see a market-wide trend. We are getting prepped for a solid wave 3 through-out the altcoin market and Cardano is no different. After doing 10 or so charts in the last few days, there seems to be a common denominator, wave 3. But in this case, we will talk Cardano (ADA).
Cardano made some headlines earlier this year after it became the 3rd ranked cryptocurrency by market cap. This didn't last but a few days as the first wave of volatility had cryptocurrencies bouncing around like pinballs. This always seems to be the case as the first macro wave of the season settles in.
Elliot wave analysis: Unfortunately, newer investors rarely get to reap the benefits of early waves like wave 2 and 3. This is partly because we never know when wave 1 is formed until we see wave 2 completed. To put it simply, wave 1 will be made of a 5-wave structure, and Wave 2 will be a 3 wave (ABC) correction. This is a good area to go long. We can assume a wave 3 target of 1.5-1.618 the size of wave 1 using the fibonacci tool. In the case of Cardano, we have a little bit different structure taking place in the form of a triangle correction. In my eyes it looks like a contracting or sym. triangle correction. This type of triangle forms with decreasing volume, which has been labeled orange. No worries though, this is yet another way elliot waves can form and its good to study them. We are still looking like we are ready for macro wave 3. I use the word macro a lot when explaining elliot waves because I want to see people looking big picture, and then breaking down those waves into smaller sub-waves. It's a vicious cycle.
Short-term: watch closely for the beginning of wave 3 to take shape, slowly inclining price action.
Mid-term: If wave 3 takes shape, the assumed target would be in the .00004700-.00004800 range. (1.618)
Long -term: If you go long here, Take profits at previous high and at 1.618, or wait for confirmation of breakout above previous high and then go long.
All my opinion. Not financial advice.
Hoskinson doesn't seem to be letting up on being a contender.
Cardano made some headlines earlier this year after it became the 3rd ranked cryptocurrency by market cap. This didn't last but a few days as the first wave of volatility had cryptocurrencies bouncing around like pinballs. This always seems to be the case as the first macro wave of the season settles in.
Elliot wave analysis: Unfortunately, newer investors rarely get to reap the benefits of early waves like wave 2 and 3. This is partly because we never know when wave 1 is formed until we see wave 2 completed. To put it simply, wave 1 will be made of a 5-wave structure, and Wave 2 will be a 3 wave (ABC) correction. This is a good area to go long. We can assume a wave 3 target of 1.5-1.618 the size of wave 1 using the fibonacci tool. In the case of Cardano, we have a little bit different structure taking place in the form of a triangle correction. In my eyes it looks like a contracting or sym. triangle correction. This type of triangle forms with decreasing volume, which has been labeled orange. No worries though, this is yet another way elliot waves can form and its good to study them. We are still looking like we are ready for macro wave 3. I use the word macro a lot when explaining elliot waves because I want to see people looking big picture, and then breaking down those waves into smaller sub-waves. It's a vicious cycle.
Short-term: watch closely for the beginning of wave 3 to take shape, slowly inclining price action.
Mid-term: If wave 3 takes shape, the assumed target would be in the .00004700-.00004800 range. (1.618)
Long -term: If you go long here, Take profits at previous high and at 1.618, or wait for confirmation of breakout above previous high and then go long.
All my opinion. Not financial advice.
Hoskinson doesn't seem to be letting up on being a contender.
Trade active
Keep on climbin there bud!Trade active
Note
We have reached the area of confirmation. Wait and see if this area is flipped for supportNote
Boom we have busted through the confirmation area. You can wait for support or not. Next target.Trade closed: target reached
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