CARDANO (ADA/USD) Deep Analysis!

Weekly chart
Let's start from the weekly time frame (the image below). We could see that last week was bearish for Cardano', also the whole market was bearish. Currently, this week it has found a support from the round number at $0.07. This level has worked also in September as a nice support because after the rejection from the round number ADA' got a strong push upwards, around 35% growth.
Around this $0.07 is also a Fibonacci golden ratio 62 percent, which will indicate that currently, the bounce occurred from the perfect area. Yesterday, it got a solid bounce upwards and founded a resistance from another round number at $0.08 and from August low point which works now as a resistance.

Daily chart
A daily time frame (the image above) shows that the rejection downwards came from the August low and from the short-term down trendline crossing area which makes this area pretty hard to beat. Currently, Cardano' consolidates between the two round numbers and it waits for further action, what the Bitcoin' does, what the whole market does. The platform (support bounce) is pretty good to make another leg upwards and trying to attempt to break above the short-term down trendline one more time.

Four-hour chart
Now let's dig into the four-hour chart (the image above) to clarify some confirmation areas to predict further movements. In the bigger picture, it shows that we are between the two short-term trendlines which together makes a chart pattern called "Triangle".

Bullish scenario:
On the image, You see a chart pattern called "Double bottom". The double bottom has formed on the round number area at $0.07, which means that we have bounced upwards two times from the same area. Currently, it has made a retest at the pattern breakout area and the textbook says that: buy the breakout when You have seen the retest. At the moment we have a retest and this bullish pattern is an indication that our platform is good to go higher IF the market allows it.
To get more confirmations then firstly, we have to break above the round number $0.08 and above the 200 EMA. Those two are our main obstacles before it approaching the short-term down trendline (the triangle) which is also the key to the higher prices. If we got a breakout from the triangle then we have out of the short-term downtrend and ready to fight with the higher levels resistances at $0.091 and the big round number at $0.1!

Bearish scenario:
If the market and if Cardano' starts to show some weaknesses then we drop back into the $0.07 area. There are some great supports to support us: the round number and the short-term up-trendline (the triangle bottom line). Those two makes a crossing area and if we see a close below the round number and below the trendline then it would be a bad sign for Cardano, because of the momentum is gone and we have broken below the triangle which will be definitely an 'alert' sign. A close below the mentioned levels will guide us to the 2018 low point at $0.06.

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