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Cardano(ADABTC) bull to bear channel: 4hr tf

Cardano (ADABTC) broke out of its bullish channel and also moved past Support 1 as mentioned in the previous post given in the link below:

https://coinanalyst.investments/2018/05/08/cardano-adabtc-testing-the-bottom-of-its-bullish-channel/

Support 2 also given in the previous post is currently being tested and is shown in this post as the horizontal blue dotted lines between ~0.00003073 and 0.00002953. Cardano (ADABTC) breaking out of its previous bullish channel and also through Support 1 (previous post) does suggest a change of trend from bullish to bearish.

Technical analysis of Cardano (ADABTC)

A downtrend (bearish) channel is shown in the post to capture the price action of Cardano (ADABTC) from its previous high of ~0.00004069 till present. ~0.00002354 and 0.00002515 is the region that is expected to offer support if further selling ensues as the horizontal green lines (technical support) coincide with the bottom of the channel as extrapolated.

The relative strength index (RSI) has broken to the upside of its previous downtrend line as shown here in red dotted lines. This implies that prices of Cardano (ADABTC) should resume a bullish momentum.

Potential points of entry (POE) into a bullish trade as shown above are POE 1 (~0.00003230) and POE 2 (~0.00003395), with POE 2 being more conservative for a long (buy) position and either ensures not trying to pick the bottom in price. Target area for a long position would be price capturing the high made on May 3 2018 of ~0.00004157.

One thought on “Cardano(ADABTC) bull to bear channel: 4hr tf

  1. […] My previous post on Cardano (ADABTC) mentioning its change from a bull to a bear channel can be found here: […]

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