Short

Cardano retrace potential to .50 fib?

Updated

Bearish divergence. A hanging man candle. Overbought on the RSI and outside of the linear regression channel. Potential retrace to the solid support at the .50 fib and then a continuation to the median of the channel? Just putting my thoughts down on paper as I am new to analysis. I am not an expert. Just studying charts.

Note

Everything looking as thought out. Currently the Kijun and the median of the linear regression channel are supporting price action. The current Pivot point lies at 4457 sats.

I think a good target buy area if it breaks through the kijun and median could be between 4457 and 5033. 4800 to 5000 range for a buy? Trend overall is still bullish. RSI is low but not oversold. Tenkan and Kijun are still bullish (no cross yet).

Again, I'm not an expert and this is not advice, just putting my own thoughts down to revisit later. Let me know your thoughts or if I missed something.

TedDoherty

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