Cardano #ADABTC - end of the correction and 100% gains ahead?
TECHNICAL ANALYSIS: The price of Cardano cryptocurrency quoted for Bitcoin -4.53% ADABTC -6.76% dropped lower in the wave correction (4) than assumed in the original wave scenario.' Nevertheless, after reaching the level of 0.00004066, the price dynamically rebounded by drawing a reversal candle formation called Hammer Candlestick Pattern. Then it broke above the golden downward trend line and it reached 50% of the Fibo retracement of the previous down leg. The main scenario: Currently, the price is most likely in the psubwave 2 correction and tests the trendline from the bottom and is approaching the support level of 38% Fibo at 0.00005802. The price can still go deeper to other levels of elimination eg 50% or 61% and bounce up after hitting one of them. After the correction, an impulsive breakdown is expected to reach around 0.0001000, which is almost 100% profit.
Alternative scenario: On the other hand, an alternative scenario assumes the deepening of declines in the more complex wave correction (4) over time and in price: - breaking below 61% Fibo will mean a higher probability of decreases towards the first level of 0.00004066, and then even 0.00003236 (red dotted arrows). - knocking the top to the level (or near the level) of the previous wave (3) high, followed by a dynamic retreat, will also mean a more complex correction in the unfinished wave (4). Violation of 0.00003236 invalidates a completely impulsive growth scenario. TREND AND IMPORTANT LEVELS: Main trend: UP Intermediate trend: DOWN Daily trend: NEUTRAL / UP (continuation of the upward trend and the possibility of breaking higher after adjustment) KEY LEVELS: - for further increases - 0.00006895 and later 0.00007227 - for continuing correction - level 0.00005802, 0.00005466 and 0.00005130 - for a continuation of falls - level 0.00005130 and later 0.00004066 PS: If You do not want to miss another update, make sure You are following me on TradingView! PPS: The next analysis of the next cryptocurrency will be published, if this post receives a min. 100 likes.