Elliott Wave Technical Analysis - Cardano Crypto News Today

Photo by Executium on Unsplash
 

Elliott Wave Analysis - TradingLounge Daily Chart

ADAUSD Elliott Wave Technical Analysis

  • Function: Counter Trend
  • Mode: Corrective
  • Structure: Double Corrective
  • Position: Wave ((Y))
  • Direction Next Higher Degrees: –
  • Wave Cancel Invalid Level: –
  • Details: ADAUSD is forming a Corrective Wave II. The long-term trend remains bullish as long as the price does not drop below 0.506.

ADA/USD Trading Strategy:

Currently, the price is progressing through Corrective Wave II, structured as (W)-(X)-(Y), with strong support around the 0.786 Fibonacci Retracement level at 0.535.

Trading Strategies:

Buy Strategy (Long Position):

  • If the price rebounds from support near 0.535, aim for profit above 1.327.

Risk Management:

  • Wave Cancel Invalid Level: 0.506 (If the price falls below this level, the current Elliott Wave structure will be invalid).

ADAUSD-1d-crypto-cha...

TradingLounge Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis - TradingLounge H4 Chart

ADAUSD Elliott Wave Technical Analysis

  • Function: Counter Trend
  • Mode: Corrective
  • Structure: Double Corrective
  • Position: Wave ((Y))
  • Direction Next Higher Degrees: –
  • Wave Cancel Invalid Level: –
  • Details: ADAUSD is developing Corrective Wave II. The long-term trend remains bullish as long as the price does not break below 0.506.

ADA/USD Trading Strategy:

Currently, the price remains in Corrective Wave II, following the (W)-(X)-(Y) structure, with key support at the 0.786 Fibonacci Retracement level around 0.535.

Trading Strategies:

Buy Strategy (Long Position):

  • If the price begins to recover from 0.535, target profits above 1.327.

Risk Management:

  • Wave Cancel Invalid Level: 0.506 (Breaking below this level invalidates the current Elliott Wave pattern).

ADAUSD-4h-crypto-cha...


More By This Author:

Elliott Wave Technical Analysis: ASX Limited - Tuesday, March 4
Elliott Wave Technical Analysis: British Pound/Japanese Yen - Tuesday, March 4
Elliott Wave Technical Forecast: Insurance Australia Group Limited

At TradingLounge™, we provide actionable Elliott Wave analysis across over 200 markets. Access live chat rooms, advanced AI & algorithmic charting tools, and curated trade ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with