Posted on

Cardano’s (ADABTC) resumption of bear channel: 4hr tf

My previous post for Cardano (ADABTC) can be found here:

https://coinanalyst.investments/breakout-of-bear-channel-for-cardano-adabtc-4hr-tf-analysis/

It was mentioned in the previous post that Cardano (ADABTC) had broken out of its bearish channel which therefore had possible bullish implications for Cardano (ADABTC). Possible points of entries (POE1 and POE2) were also given as price levels to enter a bullish trade to avoid picking price bottoms which can be very challenging.

Cardano (ADABTC) completed a sideways move instead that was followed by more selling. The lines for the previous bearish channel have been adjusted to indicate the continuation of the bear channel for Cardano (ADABTC).

Technical analysis of Cardano (ADABTC)

Price action is currently close to the support region mentioned in the last post and a break below this region should see the selling continue for Cardano (ADABTC).

Lines of the current bear channel have been extrapolated so that any break below the support region could see Cardano (ADABTC) target ~0.00001834 (bottom of the current bear channel).

A breakout from the bearish channel implies potential resumption of bullish momentum in Cardano (ADABTC).  Safer points of entry (POE) into a bullish trade are POE 1 and POE 2. POE2 is more conservative as a  point of entry into a bullish trade than POE1.

 

One thought on “Cardano’s (ADABTC) resumption of bear channel: 4hr tf

  1. […] My previous post for Cardano (ADABTC) can be found here: […]

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.