Hello Friends!
Sorry for my absence this week, crazy few days. I am happy to be alive! And I am going to focus more effort on improving myself as an analyst and a person.
Enough of that, let’s see what we’ve got here!
I know, we’ve got a lot going on here.
Well, my previous analysis, while accurate, was a bit hasty. We’ll take a look at that below. Overall, Cardano has indeed broken the downtrend like the rest of the crypto market. Unfortunately, our last trade was stopped due to bitcoin’s fall – what did we learn? Situational awareness!
Anyways, the target of that trade was 1555, and here we are!
So, looks like a bit of a retrace now. Our clue here lies in the Fibonacci Time Zones. Likes to move around the 1.618 TZ (No surprise there, hello golden ratio!)
However, what is odd about Cardano, is that it likes to retrace to 50% – not 62%. This is uncommon, but not unheard of! Remember that 50% is a Fib level too. Now, this is going to be tricky. In reality, this is going to depend on how moves. I will not be taking a trade on Cardano, yet. Just observing. But what I am looking for, is a healthy retracement to 1444 Satoshi. From there, we will reevaluate the situation.
I expect Cardano to at least, continue in the Fib uptrend channels we’ve begun to establish here. Now, these channels are new, so I caution you they may be subject to change as we develop a new trend.
Let’s keep watching this one. I will keep this updated if and when I decide to take a trade.
Good luck, Traders!
Previous analysis:
Published at Fri, 12 Apr 2019 03:40:11 +0000
