Cardano (ADA) Kihon Suchi Potential Reversal
Updated
After a steady climb from the end of last year, we recently saw a bounce downward off the 1.32 mark to 1.10 where ADA is seeing some good support.
ADA rode the 1.32 mark trying to break until it hit a 9 period reversal area and began drifting down. Now it is at a critical support area at 1.10. If it can hold at this mark we could see a bounce back up prior to the next 9 period potential reversal area. If ADA closes today below the 1.10 support, I think it will continue down to the next support area at 0.95.
I do not think it will hold at 1.10 however. The lower time frame charts are all bearish with the Daily chart only being slightly bullish. The bearish indications are a Chiko Span downward turn, the price line actually crossing into the area between the Tenkan Sen and the Kijun Sen (both being considered weak support), and the leveling out of the Kumo as the price moves towards it.
If the price continues to move downward it will come up against a 65,33, and 9 Kihon Suchi, which could indicate a reversal around the 0.95 support potentially around 9-11 March.
As always, comments and ideas are welcome!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
ADAUSDT
ADA rode the 1.32 mark trying to break until it hit a 9 period reversal area and began drifting down. Now it is at a critical support area at 1.10. If it can hold at this mark we could see a bounce back up prior to the next 9 period potential reversal area. If ADA closes today below the 1.10 support, I think it will continue down to the next support area at 0.95.
I do not think it will hold at 1.10 however. The lower time frame charts are all bearish with the Daily chart only being slightly bullish. The bearish indications are a Chiko Span downward turn, the price line actually crossing into the area between the Tenkan Sen and the Kijun Sen (both being considered weak support), and the leveling out of the Kumo as the price moves towards it.
If the price continues to move downward it will come up against a 65,33, and 9 Kihon Suchi, which could indicate a reversal around the 0.95 support potentially around 9-11 March.
As always, comments and ideas are welcome!
This information is not trading advice, only my personal opinion on potential market movements, and is for educational purposes only.
ADAUSDTNote
Updated as we missed the initial reversal date.
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