ADA Fibonacci Overlay
Hello!
What we have here is multiple Fibonacci Retracement overlays. The reason for the multiple overlays to show the pattern working in sync with each other.
I have used a 2hr candle stick to show the pattern to give a bit more surety for long term trading. I feel this allows for the volatility of the market and gives a good overview, more or less (candle time) is useful too but for this chart we have 2hrs.
The larger of the 3 retracements (coloured, no values present, more easily visible on the left) has its 0.236-0 zone from just below 3600 sats to the peak at 4182. We are currently trading in this zone and have been for a while, I do not expect us to fall out of here. The 1 or bottom of this Fib retracement is at 1676 sats.
The second of the retracements (coloured one with values present) shows that we have fallen into the 0.382-0.236 range, this is also true for the black (3rd) fib retracement.
The 0.382 mark in the black (3713 sats) is currently serving as a support. Below that the black 0.5 line at 3570 sats and the 0.382 line at 3574 on the second coloured fib retracement shows a very solid support. Both of these lines are below the upper (0.236) of the larger retracement at 3592 sats. This to me shows very strong support that Cardano is not going back down below these points. We have 3 fib retracements showing good support here. This is not to say this isn't impossible. In my second paragraph I mentioned the volatility of Crypto markets and this should not be taken lightly. These things can pump and dump easily.
In light of the above caveat I believe that our new floor and support zone is 3570 sats to 3600 sats. I would be extremely surprised to see a dip below this level.
That said, I am not going to give you investment advice because I'm not qualified, I'm a total amateur. These are just my observations. If you can make sense of this chart and patterns you likely have enough knowledge to make your own investment decisions.
What we have here is multiple Fibonacci Retracement overlays. The reason for the multiple overlays to show the pattern working in sync with each other.
I have used a 2hr candle stick to show the pattern to give a bit more surety for long term trading. I feel this allows for the volatility of the market and gives a good overview, more or less (candle time) is useful too but for this chart we have 2hrs.
The larger of the 3 retracements (coloured, no values present, more easily visible on the left) has its 0.236-0 zone from just below 3600 sats to the peak at 4182. We are currently trading in this zone and have been for a while, I do not expect us to fall out of here. The 1 or bottom of this Fib retracement is at 1676 sats.
The second of the retracements (coloured one with values present) shows that we have fallen into the 0.382-0.236 range, this is also true for the black (3rd) fib retracement.
The 0.382 mark in the black (3713 sats) is currently serving as a support. Below that the black 0.5 line at 3570 sats and the 0.382 line at 3574 on the second coloured fib retracement shows a very solid support. Both of these lines are below the upper (0.236) of the larger retracement at 3592 sats. This to me shows very strong support that Cardano is not going back down below these points. We have 3 fib retracements showing good support here. This is not to say this isn't impossible. In my second paragraph I mentioned the volatility of Crypto markets and this should not be taken lightly. These things can pump and dump easily.
In light of the above caveat I believe that our new floor and support zone is 3570 sats to 3600 sats. I would be extremely surprised to see a dip below this level.
That said, I am not going to give you investment advice because I'm not qualified, I'm a total amateur. These are just my observations. If you can make sense of this chart and patterns you likely have enough knowledge to make your own investment decisions.
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