Ardor VS Bitcoin- Time To Buy?
Updated
Ardor reached the high at 15.2k satoshi after a strong rally resulting in a 490% growth against the Bitcoin. But then a strong corrective move followed where Ardor lost 50%. The correction was stopped at the 61.8% Fibonacci retracement level.
In addition, this support is confirmed by 161.8% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout. And finally the 4/1 Gann Fan trendline has also been rejected, together with the 200 Moving Average.
Clearly, there is a massive support at 7.3k satoshi and it is being rejected, suggesting that ARDR/BTC could be ready to continue the uptrend.
However, the risk of further decline is always there, and in case support is broken Ardor could drop to 4.4k satoshi support, but at this point, it seems an unlikely scenario.
In addition, this support is confirmed by 161.8% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout. And finally the 4/1 Gann Fan trendline has also been rejected, together with the 200 Moving Average.
Clearly, there is a massive support at 7.3k satoshi and it is being rejected, suggesting that ARDR/BTC could be ready to continue the uptrend.
However, the risk of further decline is always there, and in case support is broken Ardor could drop to 4.4k satoshi support, but at this point, it seems an unlikely scenario.
Comment
Updated idea 
Comment
break above 4.4k satoshi required for the uptrend
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