✴️ Cardano Also Starts To Recovery | The Chart Speaks!
The same as with XRPUSDT published just now, ADAUSDT is moving back above EMA10/21/50.
It is now challenging EMA100 and MA200 is a bit further away.
We are still in the recovery phase from the recent correction.
As soon as prices move above the local resistance, the next leg up can resume with force.
What about bears?
Yes, the market conditions can change but we have to always take into account the bigger picture.
When you are witnessing a bear market, you can say that prices can go up anytime but they don't go up, you get lower highs and lower lows.
On the other hand, if you are experiencing a bullish wave you can say that prices can drop anytime but that is not the point, you are supposed to get higher highs and higher lows or else you are not looking at a bullish wave instead a bearish one.
The bullish wave confirmed January 2023 and the recent higher low.
If the last low 10-March breaks down, the bullish bias remains intact and that's how technical analysis works.
The only way for us to turn bearish is if Cardano (ADAUSDT) hits a new low compared to 29-December 2022.
That's the bigger picture.
If you look at the charts short-term, everything you are reading or anything you see now can change in a matter of hours or days. But if you zoom out and take into account the entire cycle, you can see that Cardano broke its downtrend a while back, hit a multi-year low and started to grow in 2023 and we are within this current growth/recovery phase.
The December low is the invalidation point.
Any trading above this level and we are 100% bullish, technically speaking.
We follow the markets.
We read the charts.
The chart is saying in plain English, or chart language, be patient we are going up.
Buy and hold.
Namaste.
It is now challenging EMA100 and MA200 is a bit further away.
We are still in the recovery phase from the recent correction.
As soon as prices move above the local resistance, the next leg up can resume with force.
What about bears?
Yes, the market conditions can change but we have to always take into account the bigger picture.
When you are witnessing a bear market, you can say that prices can go up anytime but they don't go up, you get lower highs and lower lows.
On the other hand, if you are experiencing a bullish wave you can say that prices can drop anytime but that is not the point, you are supposed to get higher highs and higher lows or else you are not looking at a bullish wave instead a bearish one.
The bullish wave confirmed January 2023 and the recent higher low.
If the last low 10-March breaks down, the bullish bias remains intact and that's how technical analysis works.
The only way for us to turn bearish is if Cardano (ADAUSDT) hits a new low compared to 29-December 2022.
That's the bigger picture.
If you look at the charts short-term, everything you are reading or anything you see now can change in a matter of hours or days. But if you zoom out and take into account the entire cycle, you can see that Cardano broke its downtrend a while back, hit a multi-year low and started to grow in 2023 and we are within this current growth/recovery phase.
The December low is the invalidation point.
Any trading above this level and we are 100% bullish, technically speaking.
We follow the markets.
We read the charts.
The chart is saying in plain English, or chart language, be patient we are going up.
Buy and hold.
Namaste.
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