Cardano (ADA) Analysis 7/18 ADA-BTC
Cardano (ADA / BTC) fell as expected after the big uptrend was broken. The price could not settle on 78.6 Fibonacci. The Flat-Fibonacci 88.6 kept the price drop relatively clean and a small consolidating range movement in the form of a bearish flag could form in the short-term time horizon.
Currently Cardano is already at a resistance, as can be seen on the screenshot, which must be overcome in any case, if a new long trend is to be established from the flag. If possible, this should not take too long.
The next resistors I expect, in case of an outbreak upwards, as shown on the screenshot. The greater resistance represents the price level of the 50.00 Fibonacci. This is also where the former great upward trend line runs, which now represents resistance from below.
There a classic pullback-movement can be expected from below at this line. The recent increase in volume is positive, but should be accompanied by further up-volume.
This is NOT investment advice and does not require buying or selling. Every reader is aware of this and makes their own investment decision with their own understanding of risk management!
Cheers Jessy
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I agree with the author, @tradingqueen!