Bag Secured $ADA #Cardano
Weekly
Looking at our highest timeframe we can see Cardano is stuck in a paralell chanell and is currently testing our major and dynamic resistance. Stochastic RSI showing bullish momentum has slowed down, however price action continues to respect its minor uptrend. Rejection from this level and expect a major sell-off towards $0.060, a look at our smaller timeframes will give us a better picture.
Daily
Shifting over to our pattern timeframe we get a better picture of ADA's recent bullish run. Stochastic RSI showing momentum remains in favor of the bulls, momentum now looking to form a higher low around 45.10-50.20. Looking at our price action we can see a parallel channel being respected, and acting as a bullish flag breakout. The price is now looking for support inside our $0.07865-$0.08065 zones. Expecting ADA to continue respecting our parallel channel support, a close below this level ($0.07888) and expect the price to continue selling off towards $0.07170. A bullish reversal at this level and expect Cardano to retest our previous high at $0.08720.
4Hour
Finally looking at our trigger timeframe we can see there is a lot going on here. Stochastic RSI showing momentum has bottomed out and we are just not starting to continue to the upside, first momentum resistance at 86. Looking at our price action we get a better picture of our higher lows being formed, and our regression trend from our daily parrallel channel showing dynamic suport has been found and we should continue to head towards the upside. Expexting ADA to test our dynamic resistance at $0.08800. a 4hour rejeciton from $0.08150 and expect a sell-off.
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