Carda-YES!: Cardano finally finds the floor?: A Tech Analysis

Hello fellow traders!

Cardano has been steady dropping since it's peak at the beginning of the year. Is this the floor we have been waiting for? Quite possibly friends. Let's look a couple of things on the 1 day chart that make me bullish on ADABTC .

First, notice the light blue channel. Back at the beginning of the rally Cardano had last year, this was an important support level for the run up from 2600 to 9000 satsoshis. The top of the channel held since first contact was made on Feb 20th. If it breaks downward any further, the next support is the bottom of the channel at around 1300 satsoshis.
Next, notice the T.D. Sequential indicator has completed a T.D. Buy Countdown, signalling the lowest risk opportunity to open a position. If we pair this with the oversold RSI level, one could view it as a trend reversal.

Lowest risk opportunity for a buy and an oversold RSI!! We may be in for a wild ride!
I'm a rhyming fool over Miss Lovelace!

As always, have great days or nights, where ever you are.
Trade Safe. Trade Smart.

Kommentera:

Miss Lovelace is on the move. As I was expecting the combo of an oversold RSI and completed TD buy countdown proved to be precursor to a bullish movement. Looking at the 4hr charts we have had a breakout and close above the downtrend line. The 1 day MACD indicator is looking like we will see a cross over very soon. Let's see where this goes from here.

Have a great day or night, where ever you are. Trade safe. Trade smart.