Crocodile0029
Short

Short term analysis [4hr tf] analysis for Cardano- SELL OFF!

BITTREX:ADABTC   Ada / Bitcoin
Cardano made a high of 0.00009180 BTC             on Jan 4 2018 and has been selling off since then. Wave W of an Elliot wave cycle is believed to have finished and is labelled wave w(in red).So far, the sell off in Cardano is shaping up as a WXY Elliot Wave structure, and we are in Wave Y of the WXY structure.

Also shown on this chart is the long term trendline of Cardano which is also present on the Daily tf. Closing below this trendline is another reason to believe that the sell off will continue in Cardano.

The blue lines marked on the chart show the area that support naturally exists for Cardano i.e. between 0.00002621 and 0.00002178.
Wave Y also = 100% Wave W at ~ 0.00002768. This is indicated by the orange line on the chart. The 100% projection of Wave Y based on wave W is an acceptable projection for a WXY structure. Therefore this increases the chance that the sell off in Cardano will target this support area .
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