Cardano VS Bitcoin - Time To Buy?
Updated
Cardano felt extremely strong during the December 2017 rally, and it went up from 250 satoshis up to 9180 satoshis, that is nearly 2500% growth in just over a month.
ADA/BTC currently has corrected down to 2360 satoshis, where it is currently trading. At this level, Cardano should find the support, confirmed by the 76.4% Fibonacci retracement level. If the support holds and the downtrend trendline is broken, the bullish falling wedge pattern will be confirmed resulting in the continuation of the uptrend.
As the bullish divergence is forming on the RSI oscillator, and price facing Fibonacci support, the reversal probability remains very high at this point and perhaps the buying opportunity is already there.
ADA/BTC currently has corrected down to 2360 satoshis, where it is currently trading. At this level, Cardano should find the support, confirmed by the 76.4% Fibonacci retracement level. If the support holds and the downtrend trendline is broken, the bullish falling wedge pattern will be confirmed resulting in the continuation of the uptrend.
As the bullish divergence is forming on the RSI oscillator, and price facing Fibonacci support, the reversal probability remains very high at this point and perhaps the buying opportunity is already there.
Comment
Cardano accumulating bullish momentuComment
support is being rejected
📱 Telegram: t.me/Tradexcel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.