Cardano (ADABTC) testing the bottom of its bullish channel
Cardano’s (ADABTC) price action was capture in a bullish channel in my previous post which can be found here:
Cardano (ADABTC) at the time of this post is testing the upper region of Support 1 at ~0.00003547, which also coincides with the bottom of the price channel.
A break below the bottom of Support 1 could likely trigger a sell off to Support 2.
Cardano (ADABTC) successfully holding the bottom of the channel could see price reach the new target area between ~0.00004782 and 0.00004639
The relative strength index (RSI) is also shown here for the 4hr tf and it currently has a negative slope with implies that it is better to be patient to see how price action transpires before initiating a long (buy) position. A possible point of entry (POE) as indicated on the chart is on a breakout above ~0.00003769.
This ensures helps to avoid trying to pick the bottom in case of further downside momentum for Cardano (ADABTC).
Cardano (ADABTC) at the time of this post is testing the upper region of Support 1 at ~0.00003547, which also coincides with the bottom of the price channel.
A break below the bottom of Support 1 could likely trigger a sell off to Support 2.
Cardano (ADABTC) successfully holding the bottom of the channel could see price reach the new target area between ~0.00004782 and 0.00004639
The relative strength index (RSI) is also shown here for the 4hr tf and it currently has a negative slope with implies that it is better to be patient to see how price action transpires before initiating a long (buy) position. A possible point of entry (POE) as indicated on the chart is on a breakout above ~0.00003769.
This ensures helps to avoid trying to pick the bottom in case of further downside momentum for Cardano (ADABTC).