Cardano vs Bitcoin Chart Analysis (ADABTC #7)

This is a tough spot here, I will say it before even getting started.

We have the support level marked on the chart.

This support level was hit back in July and this lead to a very strong bullish bounce, 100% of growth.

Then we got a correction and this one has been really strong.

The way the chart is looking, we are likely to see more blood (red) on this pair.

The indicators are bearish and the structure is bearish, the trend as well.

Long-term is bullish but we are looking at it short-term.

Conditions for change

When can this chart be considered bullish?

A strong bounce at support with really high volume can be a good signal to start.

The RSI and MACD both on the bullish side as well.

Moving and closing above EMA50 would be very important to see the bulls taking back control.

Other than that, even after a small bounce, prices are likely to continue to drop.

Namaste.