ADA (Cardano) Looking Bullish
Monthly level has been touched first in the form of green candle.
Monthly level was tested 1st time in the form of red candle.
It means two tests have been rejected.
At the same time the red candle is going to test monthly support level at 1254.
So 1486 is the monthly resistance where as monthly support is at 1254.
As Monthly level 1254 had been broken so it is normal to retrace back to test the 1254 zone which would have become support.
Analysis says that ADA is going to retrace back after testing the support at 1254.
I have described almost all the possible situation.
Now you can trade according to the analysis.
If you want to enter into ADA trade, just wait for ADA to test 1254 level. If it is rejected from 1254 then it would be a Bullish move.
Monthly level was tested 1st time in the form of red candle.
It means two tests have been rejected.
At the same time the red candle is going to test monthly support level at 1254.
So 1486 is the monthly resistance where as monthly support is at 1254.
As Monthly level 1254 had been broken so it is normal to retrace back to test the 1254 zone which would have become support.
Analysis says that ADA is going to retrace back after testing the support at 1254.
I have described almost all the possible situation.
Now you can trade according to the analysis.
If you want to enter into ADA trade, just wait for ADA to test 1254 level. If it is rejected from 1254 then it would be a Bullish move.
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.