Chart of the Day: Cardano (ADA)

Cardano is another chart I'm watching for a bottom. I had previously expected to see the .786 retrace of entire peak to trough on the weekly at .048. We almost got there. I had still expected that we would 'stretch' to hit it but then this 5 wave fractal showed, with a properly extended third, so I am now watching for a this to bottom. If this pattern is in play, we are coming down in the C of 2 and the fun really begins. If we instead break. 066, then I expect new lows in the correction that began in January. Given that the weekly points to a large third wave here, this one should be a good long term hold, provided it follows through at key levels above.

Note that free 15 day trials are available for our trading room and community on Elliott Wave Trader, where I am a full time analyst. You'll rub nose with, professional, amateur and traders in the learning process, while getting trade calls and ongoing direction for the market. No credit card is needed for a trial.

https://www.elliottwavetrader.net/cryptocurrency