Cardano /U.S.dollar(ADAUSD) ADAUSD Elliott Wave Technical Analysis 13 February 23

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Elliott Wave Analysis TradingLounge Daily Chart, 13 February 23,  
Cardano /U.S.dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Wave Cancel invalid level: 0.2390
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1)) at 0.310

Cardano /U.S.dollar(ADAUSD)Trading Strategy: Cardano is likely to reverse in Wave II after price fails to cross the MA200, which is a key resistance. Wave retracement ((2)) is usually .50 or .618 x wavelength ((1)) at 0.3058 at completion. The price will return to the main trend in wave III, waiting for wave II to complete.

Cardano /U.S.dollar(ADAUSD) Technical Indicators: The price is below the MA200 indicating a  Down Trend. The wave oscillators Below Zero-Line momentum are bearish.

TradingLounge Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 13 February 23,  
Cardano /U.S.dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis 
Function: Counter trend
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Wave Cancel invalid level: 0.2390
Details: in Zigzag, wave C equals 1 or 1.618 multiplied by the length of wave A.

Cardano /U.S.dollar(ADAUSD)  Trading Strategy: Cardano is likely to retrace in Wave II after the price fails to be above the MA200, which is a key Support. The retracement of wave ((2)) is usually .50 or .618 x wavelength ((1)) at 0.3058. Upon completion, the price resumes its main trend in wave III, waiting for wave II to complete.

Cardano /U.S.dollar(ADAUSD)  Technical Indicators:  The price is below the MA200 indicating a  Down Trend. The wave oscillators Below Zero-Line momentum are bearish.