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Short term [4hr tf] Analysis for Cardano sell off!

Cardano, the 5th biggest cryptocurrency based on market capital has been selling off against Bitcoin ever since it made its high of 0.00009180 btc on Jan. 4, 2018. The current sell off in Cardano (ADABTC) can be described as a WXY Elliott wave structure after the end of an Elliott wave cycle (i.e. Wave w in red). Cardano sell off

The long term trendline (green color) of ADABTC is also shown on the chart. A Daily close below the trendline is also another reason to believe that the sell off will continue in ADABTC.

Target area (support) is between 0.00002621 and 0.00002178 as shown by the blue lines on the chart. A 100% projection of Wave Y based on Wave W i.e. ((W)) gives 0.00002768 which is marked on the chart with the orange line. This is close to the support area and blue and therefore gives a higher chance of ADABTC selling off to reach this target area.

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