Cardano(ADABTC) to continue selling off?
Updated
Previous post for Cardano (ADABTC) based on its 4hr timeframe made mention of the bullish channel in Cardano (ADABTC) that captured the meandering price action from July 2, 2018.
The 1 hour timeframe of Cardano (ADABTC) is shown in this analysis as opposed to the 4hr in the previous analysis in order to get a better view of price action and the channel.
The horizontal dotted blue lines with price at ~0.00002181 marks the point at which Cardano (ADABTC) closed below the lower line of the bullish channel.
A breakout below the lower line of the bullish channel does imply further bearish action that should see Cardano continue to sell off. A quick and approximate estimate extent of the sell off can be derived by using the width of the channel and subtracting it from the breakout point at ~0.00002181.
The 1 hour timeframe of Cardano (ADABTC) is shown in this analysis as opposed to the 4hr in the previous analysis in order to get a better view of price action and the channel.
The horizontal dotted blue lines with price at ~0.00002181 marks the point at which Cardano (ADABTC) closed below the lower line of the bullish channel.
A breakout below the lower line of the bullish channel does imply further bearish action that should see Cardano continue to sell off. A quick and approximate estimate extent of the sell off can be derived by using the width of the channel and subtracting it from the breakout point at ~0.00002181.
Trade closed: target reached
Trade closed as target is hit
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