A quick analysis on Cardano(ADAUSD) :
1) Cardano had a nice IMPULSE run-up from Dec 2020 to Feb 2021 going from $0.13 to $1.47 as shown in my 5 point wave in the diagram above
2) After a good impulse phase comes the CORRECTION phase, markets usually stay two-thirds of the time in a correction phase
3) Looks like the correction is a FLAT correction look at my wave A-B-C a nice 3-3-5 correction
4) The FLAT correction phase is also called the distribution phase
5) Hopefully the next impulse wave starts after the correction phase if the wave breaks out of the distribution phase shown with red line at 1.48 to go to $2 or $2.5
6) If it can't break resistance then it might make it's way down to the support and break down at around $1
Summary :
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1) Looks like the bulls/buyers are taking control and hopefully break the resistance at $1.48 to reach the next level of $2 (or) $2.5 to reach ATH(all-time-high)
2) watch out for those blue lines to take positions accordingly
Happy trading, feedback is always appreciated
1) Cardano had a nice IMPULSE run-up from Dec 2020 to Feb 2021 going from $0.13 to $1.47 as shown in my 5 point wave in the diagram above
2) After a good impulse phase comes the CORRECTION phase, markets usually stay two-thirds of the time in a correction phase
3) Looks like the correction is a FLAT correction look at my wave A-B-C a nice 3-3-5 correction
4) The FLAT correction phase is also called the distribution phase
5) Hopefully the next impulse wave starts after the correction phase if the wave breaks out of the distribution phase shown with red line at 1.48 to go to $2 or $2.5
6) If it can't break resistance then it might make it's way down to the support and break down at around $1
Summary :
-------------
1) Looks like the bulls/buyers are taking control and hopefully break the resistance at $1.48 to reach the next level of $2 (or) $2.5 to reach ATH(all-time-high)
2) watch out for those blue lines to take positions accordingly
Happy trading, feedback is always appreciated
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