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Cardano/U.S. dollar(ADAUSD) Elliott Wave Technical Analysis 11 August 23


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Elliott Wave Analysis TradingLounge Daily Chart, 11 August 23,  
Cardano/U.S. dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis 
Function: Counter trend
Mode: Corrective
Structure: Triangle
Position: Wave ((D))
Direction Next higher Degrees: wave B  of Zigzag
Details: The rebound from the 0.220 level is characterized by a correction, leading us to consider an unending decline.
Wave Cancel invalid level:  0.379

Cardano/U.S. dollar(ADAUSD)Trading Strategy: Cardano pictured still in a downtrend. But in the short term there may be a slight increase. As the rise from 0.220 is a form of Zigzag correction that is part of triangle pattern That's why we expect the correction to remain intact. and the rise of the E wave in a triangular pattern. There is significant resistance around 0.349. Once wave E completes, prices are expected to trade below 0.220.

Cardano/U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, RSI below 50  are  Bearish momentum.

TradingLounge Analyst: Kittiampon Somboonsod, CEWA
Source : Tradinglounge.com get trial here!






Elliott Wave Analysis TradingLounge 4H Chart, 11  August 23,  
Cardano/U.S. dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis 
Function: Counter trend
Mode: Corrective
Structure: Triangle
Position: Wave ((D))
Direction Next higher Degrees: wave B  of Zigzag
Details: The rebound from the 0.220 level is characterized by a correction, leading us to consider an unending decline.
Wave Cancel invalid level:  0.379

Cardano/U.S. dollar(ADAUSD)Trading Strategy: Cardano pictured still in a downtrend. But in the short term there may be a slight increase. As the rise from 0.220 is a form of Zigzag correction that is part of triangle pattern That's why we expect the correction to remain intact. and the rise of the E wave in a triangular pattern. There is significant resistance around 0.349. Once wave E completes, prices are expected to trade below 0.220.

Cardano/U.S. dollar(ADAUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, RSI above  50  are  Bullish momentum.

ADAh4.thumb.png.76cd473b3c1ff44505d00c210ca520bc.png

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