Cardano Elliott Wave technical analysis [Video]
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ADA/USD Elliott Wave technical overview
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Function: Counter-Trend.
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Mode: Corrective.
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Structure: Flat.
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Current position: Wave ((C)).
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Next direction (higher degree): Wave II.
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Invalidation level: Not specified.
Trading strategy for ADA/USD
The ADA/USD pair remains in a corrective Elliott Wave pattern, identified as Wave II. This wave represents a retracement and has now entered a significant support area around $0.5544, aligning with the 0.618 Fibonacci retracement level of Wave I.
Trading strategies
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Strategy overview:
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For Short-Term Traders (Swing Trade):
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Bullish scenario:
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If the price holds above the $0.5544 support level and begins to show signs of a reversal, a Buy position could be considered.
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The target for this upward move is $0.8500.
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Bullish confirmation will be established once the price breaks above the designated bullish confirmation level.
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Risk management:
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If ADA/USD drops below the critical $0.2850 support level, the current bullish structure becomes invalid.
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ADA/USD Elliott Wave technical overview
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Function: Counter-Trend.
-
Mode: Corrective.
-
Structure: Flat.
-
Current Position: Wave ((C)).
-
Next direction (higher degree): Wave II.
-
Invalidation level: Not specified.
Trading Strategy for ADA/USD (Four-hour view)
The pair continues to move in a clear Elliott Wave structure under correction (Wave II), approaching a strong support at $0.5544, which corresponds with the 0.618 Fibonacci retracement level of Wave I.
Trading strategies
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Strategy overview:
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For short-term traders (swing trade):
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Bullish scenario:
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As long as the price stays above $0.5544 and begins to reverse, a Buy setup can be considered.
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Target remains at $0.8500.
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Bullish momentum is confirmed with a breakout above the bullish level.
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Risk management:
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If price declines below $0.2850, the bullish structure is invalidated.
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Cardano Elliott Wave technical analysis [Video]
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