Cardano / BitcoinShort
Yäs It Is ~ Bad
Updated
Pair: ADABTC
Time Frame: 4H
This does not look good at all. Just look at the rejection at 20 EMA, this is terrible to be honest. It seems like support is failing and resistance is there to put support in its right place. Anyways, let's go through this chart. A close above 50 EMA and then 200 EMA would look good for a bullish movement upwards. At the moment, the price seems to lean towards bearishness instead. We have MACD, widening itself, and RSI just a bit above the oversold area (Still room for drop). Around the red exclamation mark lies the next support. A break and close above the purple line would probably cause the price to be dropped to that level. (This is almost at the other side of the bear channel). Volume wise, it seems like bears are slaughtering the bulls for the past couple of days. Overall, this does not look good for buyers. A better choice is to wait for a price closing above the trend channel & 200 EMA.
Keep in mind, that we also have a bullish divergence on the MACD ~
Time Frame: 4H
This does not look good at all. Just look at the rejection at 20 EMA, this is terrible to be honest. It seems like support is failing and resistance is there to put support in its right place. Anyways, let's go through this chart. A close above 50 EMA and then 200 EMA would look good for a bullish movement upwards. At the moment, the price seems to lean towards bearishness instead. We have MACD, widening itself, and RSI just a bit above the oversold area (Still room for drop). Around the red exclamation mark lies the next support. A break and close above the purple line would probably cause the price to be dropped to that level. (This is almost at the other side of the bear channel). Volume wise, it seems like bears are slaughtering the bulls for the past couple of days. Overall, this does not look good for buyers. A better choice is to wait for a price closing above the trend channel & 200 EMA.
Keep in mind, that we also have a bullish divergence on the MACD ~
Note
ADABTC is about to leave its overbought area on 4H to test the resistance above 50 EMA and 200 EMA. A bullish divergence is also spotted on 1h.Note
oversold*Note
This indicate a bounce is coming soon. It can either be weak or strong.
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