Cardano VS Bitcoin Might Start Moving Higher
Diupdate
This week Cardano has reached the bottom, hitting 1926 satoshis low. There it has rejected the 88.6% Fibonacci support as well as the 8/1 Gann Fan trendline. Although the spike was below, the closing price stayed above the 1952 satoshis Fib support.
Then ADA/BTC started to move higher, breaking above the downtrend trendline. Currently Cardano approaching the 2196 satoshis resistance that is 78.6% Fibs. Also there is the 50 Moving Average that is also acting as the resistance.
Overall, break above 2196 satoshis and 50 Moving Average should confirm trend reversal and should result in further growth, towards either 2607 or 3185 satoshis, both of which correspond to Fibonacci retracement level.
But if resistance will be rejected price cold enter the consolidation phase and even result in a decline towards the 1673 satoshis level, where the bottom was formed back on the 18th of May.
Then ADA/BTC started to move higher, breaking above the downtrend trendline. Currently Cardano approaching the 2196 satoshis resistance that is 78.6% Fibs. Also there is the 50 Moving Average that is also acting as the resistance.
Overall, break above 2196 satoshis and 50 Moving Average should confirm trend reversal and should result in further growth, towards either 2607 or 3185 satoshis, both of which correspond to Fibonacci retracement level.
But if resistance will be rejected price cold enter the consolidation phase and even result in a decline towards the 1673 satoshis level, where the bottom was formed back on the 18th of May.
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