Short term analysis [4hr tf] analysis for Cardano- SELL OFF!
Updated
Cardano made a high of 0.00009180 BTC on Jan 4 2018 and has been selling off since then. Wave W of an Elliot wave cycle is believed to have finished and is labelled wave w(in red).So far, the sell off in Cardano is shaping up as a WXY Elliot Wave structure, and we are in Wave Y of the WXY structure.
Also shown on this chart is the long term trendline of Cardano which is also present on the Daily tf. Closing below this trendline is another reason to believe that the sell off will continue in Cardano.
The blue lines marked on the chart show the area that support naturally exists for Cardano i.e. between 0.00002621 and 0.00002178.
Wave Y also = 100% Wave W at ~ 0.00002768. This is indicated by the orange line on the chart. The 100% projection of Wave Y based on wave W is an acceptable projection for a WXY structure. Therefore this increases the chance that the sell off in Cardano will target this support area.
Also shown on this chart is the long term trendline of Cardano which is also present on the Daily tf. Closing below this trendline is another reason to believe that the sell off will continue in Cardano.
The blue lines marked on the chart show the area that support naturally exists for Cardano i.e. between 0.00002621 and 0.00002178.
Wave Y also = 100% Wave W at ~ 0.00002768. This is indicated by the orange line on the chart. The 100% projection of Wave Y based on wave W is an acceptable projection for a WXY structure. Therefore this increases the chance that the sell off in Cardano will target this support area.
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Cardano is currently in a strong downtrend and there is a great chance that it will approach the support area as mentioned above i.e. between 0.00002621 and 0.00002178 which is also an area that coincides with Wave Y also = 100% Wave W at ~ 0.00002768(indicated by the orange line on the chart).If Cardano reaches this support area and price consolidates in the support area, it is likely that Cardano will resume an impulse move back upwards or at least a
3 wave move upwards. Either scenario calls for a price swing back up for Cardano
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