Pitchfork Observation
Updated
Just a quick observation for Cardano using the pitchfork.
I have limited time right now but will try and elaborate on this soon.
Just wanted to point out that since breaking above the yellow diagonal upper in mid Feb which is a 0.142 fib from the origin, ADA has held this as support in the weekly ever since and although wicking below we have not yet closed below. It is important that we do not see a weekly close below.
This level is currently also our Bollinger Band basis.
We have to be cautious as the Red RSI has closed making contact with the Green EMA as it falls and as a result the Energy has dropped below level 50 indicating a period of local downward pressure in this timeframe, however the Green EMA remains higher than the energy indicating bullish sentiment. We need to observe these levels on other timeframes too which I will try and do soon.
We have 6d and 11 hours remaining of this current weekly candle, we need to see the Green EMA turn back, if the Green EMA closes below level 50 there is potential for the price action to fall below the BB basis.
I will elaborate on other timeframes as I get a chance.
As always - this is not financial advice but just my view of current market dynamics.
If you got value from this analysis, please hit the like button
Trade safe
aBL
I have limited time right now but will try and elaborate on this soon.
Just wanted to point out that since breaking above the yellow diagonal upper in mid Feb which is a 0.142 fib from the origin, ADA has held this as support in the weekly ever since and although wicking below we have not yet closed below. It is important that we do not see a weekly close below.
This level is currently also our Bollinger Band basis.
We have to be cautious as the Red RSI has closed making contact with the Green EMA as it falls and as a result the Energy has dropped below level 50 indicating a period of local downward pressure in this timeframe, however the Green EMA remains higher than the energy indicating bullish sentiment. We need to observe these levels on other timeframes too which I will try and do soon.
We have 6d and 11 hours remaining of this current weekly candle, we need to see the Green EMA turn back, if the Green EMA closes below level 50 there is potential for the price action to fall below the BB basis.
I will elaborate on other timeframes as I get a chance.
As always - this is not financial advice but just my view of current market dynamics.
If you got value from this analysis, please hit the like button
Trade safe
aBL
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