Morning Update: ADA Count UpdateADA has extended in it's wave 5 of primary 1. This over lapping grind higher appears to be an ending diagonal for completion of wave 1. If my count is correct our retrace should come into the area of origination which is .27. However, I prefer to wait to see how price behaves over the course of this upcoming weekend.
Best to all,
Chris
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ADAUSD.P trade ideas
Cardano long, 261 days of down onlyOne of the few alts that are still accumulating ~261 days. Yellow box is weekly breaker and Red box above is the last daily up candle that preceded the down-move which means lots of trapped buyers there willing to break even on their positions. Equal highs at ~$4.4 and November high at ~$4.377 should serve as first areas of resistance.
Cardano (ADA): confidence is backMarket continues to positively perceive news regarding the forthcoming fork for Cardano`s network, which would increase its scalability. It has strongly supported ADA`s price during the last three weeks. The price of the coin continues to reach higher grounds, with last week's level of $0.4. The last time the coin was at this level was in November previous year. These are all good developments, as it shows that there is still value in this coin which brings back investor's confidence.
For the last three weeks the RSI indicator is moving within the overbought side. Potential reversal might come soon, however, it certainly could not be supported by the prevailing buying orders. The RSI is ending another week at level of 70, which is an indication of forthcoming short price reversal. MA50 and MA200 continue to move as two parallel lines but this time the course has been changed from downtrend to parallel. Hopefully, in the near future they will move more toward each other in order to create a cross.
It might be expected that ADA will continue to be supported by the announced new fork. The coin is currently testing the $0.40 resistance line. In case that it is clearly breached, then the ADA will continue to route toward the next resistance at $0.45, with a small stop around $0.43. In case that the coin enters into a short term reversal, as RSI is pointing, then $0.35 support might be the next short term target.
AW Cardano Analysis - Making Sense of This Deep Wave E...It's kind of hard to look at this Wave E as a weak 5-Wave because of its depth however I believe it's the only way to look at this.
Of course, this is based on my recently updated view for the EURUSD, AUDUSD, Dow Jones, and ASX.
We are looking for the last move down in Wave 5 across the board and Cardano is no different.
After this move down, I see a large 5-Wave move to the upside that will extend well beyond all-time-highs.
I expect Wave E of Wave 4 to not exceed the .59 cent level before the move lower.
This does not mean that it will reach that level, it's just a guide to max length potential.
Remember to use Disciplined Money Management Principles to ensure longevity as a trader.
If you don't know the long term pattern shouldn't you be doing your research instead of just following the crowd?
Just remember: I am not a financial adviser; I suggest using this only as a guide. Always do your own research.
***AriasWave is not the same as Elliott Wave so your counts may differ to mine if you happen to use it.***
ADA/USDT 1DAY UPDATE BY CRYPTO SANDERS !!Hello, welcome to this ADA /USDT 1DAY chart update by CRYPTOSANDERS.
I have tried to bring the best possible outcome to this chart.
CHART ANALYSIS:-Cardano (ADA) rebounded on Thursday, with prices moving to an eleven-week high in the process.
Following a low of $0.3537 on Wednesday, ADA/USD rose to an intraday high of $0.3866 earlier today.
As a result of this, Cardano rose to its strongest point since November 8, which is the last time prices were above $0.4100.
Looking at the chart, ADA has moved lower from earlier gains, as traders appear to have taken profits near a ceiling of $0.3875.
As of writing, the token is trading at $0.3774, with the 14-day relative strength index (RSI) near a resistance of its own at 74.00.
The index, which is currently tracking at 69.22, will likely need to move past the 74.00 points in order for ADA to jump over the $0.3875 hurdle.
This is not a piece of financial advice.
Hit the like button if you like it and share your charts in the comments section.
Thank you
ADAUSD (4H) - Bullish wave LTFHi Traders
ADAUSD (4H Timeframe)
A Medium probability, entry signal to go LONG will be given with the upward break of 0.362 after the market found support at 0.347. Only the downward break of 0.347 would cancel the bullish scenario.
Trade details
Entry: 0.362
Stop loss: 0.347
Take profit 1: 0.409
Take profit 2: 0.448
Score: 7
Strategy: Bullish wave LTF
Morning Update: OMH for ADA should do itADA has extended nicely off the bottom. However we are coming into the 2.618 and 3.0 Fib Extension areas. Here I would expect a reaction that could start our retracement in wave 2. Again, I'll reiterate...wave 2's can be shallow, so to get cute and try to sell with the intention of buying back lower is risky.
I got a lot of DM's regarding ADA asking will it come back down? I don't answer them. I am not in the trader counseling business. Buying and selling is your decision. If you sell ADA in this area, and we get a long consolidation or a shallow retrace followed by a "rip your face off rally above $.60"...please spare me the DM's. I thank you in advance...lol.
Best to all,
Chris
Cardano (ADA): pointing againNews regarding forthcoming release of a toolkit for Cardano`s network, which should increase scalability of the Cardano`s network, continue to support ADA`s price. During the previous week the coin reached a new yearly high at level of $0.37, while the lowest level during the week was at level of $0.32.
The RSI indicator continues to move within the overbought market side, indicating that the short reversal might soon come for this coin. At the same time, there has not been almost any change in movements of MA50 and MA200. These two lines continue to move as two parallel lines with downtrend, regardless of positive price movements during the last two weeks.
ADA will certainly be further supported by the coming of the new fork. Short price reversal is possible, considering that RSI is indicating it for the last two weeks. Current charts are pointing that it could be a level of $0.32 for one more time, but testing of the $0.30 support line is with lower probability. On the opposite side, ADA will continue to test current resistance at $0.40.
[UPDATE ADA] Nothing changed. What if?As I mentioned before, we could be currently in stage 2 of this inflationary bear market. This means that inflation peaked in September and we can expect to see lower inflation for a few months, followed by a recession. This will likely lead to more bear market rallies until the Federal Reserve intervenes again and introduces more money into the market, leading to another market crash in mid-2023 (stage 3). This will cause inflation to skyrocket again, leading to a depression phase (stage 4). If I were to visualize these phases in a chart and use ADA as a reference, it would look like this.
THIS IS A STAGE 2 SCENARIO.
ADAUSD Potential for Bullish Rise| 20th January 2023Looking at the H4 chart , my overall bias for ADAUSD is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market.
Price has tapped into my pullback buy entry at 0.3294, where the overlap support and 38.2% Fibonacci line is. Stop loss will be at 0.3067, where the support and 50% Fibonacci line is. Take profit will be at 0.3808, where the overlap resistance is.
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ADAUSD Potential for Bullish Rise| 20th January 2023Looking at the H4 chart , my overall bias for ADAUSD is bullish due to the current price being above the Ichimoku cloud , indicating a bullish market.
Price has tapped into my pullback buy entry at 0.3294, where the overlap support and 38.2% Fibonacci line is. Stop loss will be at 0.3067, where the support and 50% Fibonacci line is. Take profit will be at 0.3808, where the overlap resistance is.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.
ADA Update: Triangle InvalidatedEarlier today I posted ADA looks ready to complete wave 1 up at $.39 level. In what looked like a clear triangle for wave iv of 5 has been invalidated with this move down. Therefore we have several ways to interpret this pattern.
First this is still wave 4 and nothing there is invalidated and the $.39 target area for wave 1 is still in play. Second, wave 1 is complete.
If my primary black count is playing out, we must hold the wave 4 of one lesser degree (indicated on the chart). If we get below that and then subsequently into the purple target box, then this is a larger wave 2 retrace.
Having just updated on ADA and identified in what looked like a triangle...I wanted to inform my followers due to recent price action, where we are.
Best to all,
Chris