Cardano recently tested the high, hitting 4190 satoshis, where it formed a bearish divergence on the RSI oscillator suggesting a corrective move down. The corrective wave followed and currently ADA/BTC is trading near the 61.8% Fibonacci support which is at 3400 satoshis.
It is yet to be seen whether Cardano will reject this support or break below. However, if the support is broken, price is likely to move lower, towards 88.6% Fibs near 3k satoshis psychological support area. And only break and close below 3000 satoshis could send price back to 2k satoshis.
On the upside, clearly there is strong resistance near 4k satoshis area. But if price will manged to break and close above 4200 satoshis on a daily time-frame, it is very likely that the price will go parabolic resulting in strong gains.
It is yet to be seen whether Cardano will reject this support or break below. However, if the support is broken, price is likely to move lower, towards 88.6% Fibs near 3k satoshis psychological support area. And only break and close below 3000 satoshis could send price back to 2k satoshis.
On the upside, clearly there is strong resistance near 4k satoshis area. But if price will manged to break and close above 4200 satoshis on a daily time-frame, it is very likely that the price will go parabolic resulting in strong gains.
Note
support holdingNote
support still holdingTrade closed: target reached
downside target reached trade closed, uptrend is likely to continue
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.