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ADABTC Technical Analysis

Discussion in 'Expert Level' started by Arpit, Aug 7, 2018.

  1. Arpit

    Arpit Scholar

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    Before getting into the Chart Analysis, I would like to discuss the possibilities that would make CardanoBTC Bullish.

    Seeing the Cryptocurrency Calendar events lined up this month, we have 3 events associated with Cardano.

    1. Special Announcement (15th August)- Expected to be Strong(Depends on the Announcement).
    2. Cardano Meetup Krakow (16th August)- Fundamentally Not Very Strong but could still support the bullish Move.
    3. Vietnam Meetup (25 August)- Fundamentally Not Very Strong but could still support the bullish Move.
    4. Cardano 1.3 Update (31 August or Earlier)- This event could be very strong and could really make the coin very bullish before it.
    There are 4 events lined up this month which are expected to make the Coin Bullish.

    Now, coming to the technical Analysis of the coin:

    Seeing the 1D chart of ADABTC, we can see that the price is moving inside a Descending Triangle. Descending Triangle is generally a Bearish Continuation Pattern but on closely analysing the chart, I find that the ABCDE correction of the Bigger Impulse has ended and we are in a phase of new Impulse.


    [​IMG]
    We are currrently starting wave 1 of the Impulse. We have recently observed the Bullish Crossover in the MACD recently(yellow circle). Also, the RSI stands forming a double bottom and then moving up(seen in the 2 yellow circles).

    We have a very huge 1D support at the 1689–1700 level.

    The Technical Analysis can be found on Medium
     

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