a complete analysis on ADA ( Cardano )
Hello everyone, welcome back. I hope you guys doing great.
First of all before we start I'd like to remind you guys that this is not a financial advice, I'm just looking to share what I see on ADA chart and explain what I think about it, please trade on your own risk and do your own research.
Well ADA is one of my favorite crypto currencies, I'd like to say it has very strong fundamentals and I really think it has a good future, but regardless of that, lets see whats happening on ADAs chart; looking at Ada daily chart below, we can see that ADA is currently in a downtrend channel, I have also marked important support and resistance zones on chart which you can apply on your own charts, we know for a fact that price been consolidating between Resistance Zone 1 and Support zone 2 and this tells us we should prepare for a move, but which side are we going to go, is it going to be a bear market or a bull market, well lets take a look at bigger time frames :
Looking at ADA glorious days, we can see that this downtrend was started by this ATH bearish candlestick pattern, and this has been riding the market so far, but this ride cant last forever, can it ?
now lets look more carefully so we might find a good reversal point for all this bearish moves :
yeah ! we have an uptrend channel, and we just touched the bottom of it this week !
So basically we are touching an strong channels bottom line while we are on an strong support zone, all we need for a move now is a trend reversal pattern, it can be anything and we cant predict what its going to be but what I can predict is that this is the end of bear market and ADA has to start going up again.
Once again, don't forget its not a financial advice, I'm just trying to share my idea here.
Follow and like if you think this is helpful by any means and let me know in the comments below if you have any ideas or any questions.
First of all before we start I'd like to remind you guys that this is not a financial advice, I'm just looking to share what I see on ADA chart and explain what I think about it, please trade on your own risk and do your own research.
Well ADA is one of my favorite crypto currencies, I'd like to say it has very strong fundamentals and I really think it has a good future, but regardless of that, lets see whats happening on ADAs chart; looking at Ada daily chart below, we can see that ADA is currently in a downtrend channel, I have also marked important support and resistance zones on chart which you can apply on your own charts, we know for a fact that price been consolidating between Resistance Zone 1 and Support zone 2 and this tells us we should prepare for a move, but which side are we going to go, is it going to be a bear market or a bull market, well lets take a look at bigger time frames :
Looking at ADA glorious days, we can see that this downtrend was started by this ATH bearish candlestick pattern, and this has been riding the market so far, but this ride cant last forever, can it ?
now lets look more carefully so we might find a good reversal point for all this bearish moves :
yeah ! we have an uptrend channel, and we just touched the bottom of it this week !
So basically we are touching an strong channels bottom line while we are on an strong support zone, all we need for a move now is a trend reversal pattern, it can be anything and we cant predict what its going to be but what I can predict is that this is the end of bear market and ADA has to start going up again.
Once again, don't forget its not a financial advice, I'm just trying to share my idea here.
Follow and like if you think this is helpful by any means and let me know in the comments below if you have any ideas or any questions.
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