Hi, friends hope you are well and welcome to the new update on Cardano. The ADA coin has two major events one is at the end of this month and the other one is in next month. First, we have the Shelley hard fork on 29th of July and the next event in my point of view is more significant and that is the 1st stacking rewards on August 18 2020.
https://twitter.com/IOHK_Charles/status/1266060115204947968/photo/1
- IOHK_Charles
A big bullish harmonic move:
First of all, I would like to recall my previous idea that I posted on 24th March when the Cardano coin completed the final leg of bullish butterfly pattern on the monthly chart. And as per the Fibonacci sequence of bullish Butterfly, I predicted by buying in sell targets and so far it has produced more than 470% bullish rally. So congratulations to the people who bought the ADA on my call but do you remember the information I am providing here is only for educational purposes.
The previous idea before execution:
The previous idea before execution:
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An up channel:
Now if we switch on the daily live chart then the Cardano is moving in an up channel. From 9 July to 17 July the price action broke out the resistance of the channel for some time but while re-testing the previous resistance as support the priceline failed to retain the support and re-entered in the channel.
The bull flags:
Now if we switch on the small-time period four-hour chart to take a closer look at the movement of the price action. Then it has formed a pennant and after hitting at the support of this pennant the price action is moving towards resistance.
And if we switch to the daily chart then this pennant will seem to be another bull flag as the Cardano is already forming different flags on the daily chart during this strong bullish rally.
The SMAs on 2 day chart:
If we place simple moving averages with the time period of 25 50 100 and 200 on the daily chart. Then it can be noticed that as in my previous article I was expecting that the 100 simple moving average will soon form a bull cross with 200 SMA and now this bull cross has been formed completely.
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Conclusion:
In the long term if the price action will be able to completely cross up the 0.786 Fibonacci projection of A to B leg as I have defined on the bullish Butterfly chart on the monthly time frame. Then we can observe a more powerful move than the previous one. However, we should set our stop loss at the support of an up channel where the price action is moving on the daily chart to minimize the risk factor.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.