CardanoLong
ADA fell outside diamond but a NEW ELLIOTT cycle may begin soon
ADA definitely has form a diamond reversal pattern but after being rejected by the green dma50, it is
fighting hard to hold the compressed short term dma lines( 5,10,20)
Notice that volatility is greatly reduced & the Bollinger Band is getting very narrow signaling a very big move coming.
Although my bias to to the upside, however, bulls need to hold the 1.0 support & get above the dma 50 line soon to confirm more upside. Otherwise, recent diamond lows may be retested before ABC completes & a brand new ELLIOTT WAVE CYCLE begins.
Very good risk to reward ratio at this point before big moves upward.
Not trading advice
fighting hard to hold the compressed short term dma lines( 5,10,20)
Notice that volatility is greatly reduced & the Bollinger Band is getting very narrow signaling a very big move coming.
Although my bias to to the upside, however, bulls need to hold the 1.0 support & get above the dma 50 line soon to confirm more upside. Otherwise, recent diamond lows may be retested before ABC completes & a brand new ELLIOTT WAVE CYCLE begins.
Very good risk to reward ratio at this point before big moves upward.
Not trading advice
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