RotiWokeman

ARDR-BTC Bittrex | Fundamentally sound project, short term bear

BITTREX:ARDRBTC   Ardor / Bitcoin
Today I’m looking at ARDR-BTC on Bittrex . I’ll add some fundamental details soon but I need to get this out there as the market is beating me to the chase xD            

Analysis:

Written two hours ago (for context): There is hidden bearish divergence short-term (15min) with a bear flag formed after a significant price drop, but we are still within a larger triangle pattern as the RSI may have formed a rising wedge (15min) while being overbought at the tail end of that. the 50 MA is a resistance now and the 200MA will act as support for the larger symmetrical triangle pattern (from POV of 15min).

snapshot


More recent:

Pulling out to the 1H chart, the 50MA is the bottom of the larger symmetrical triangle and we had a golden cross yesterday at 22:00 UTC-5. That was a pivot point from the 50 MA but as mentioned above, this has formed a bear flag . We have a thin bullish Ichimoku cloud flip on the 1H after the strong edge-to-edge cloud break on the 19th of February. Since then a steady price floor has been established around 0.00005564. That floor was broken on the recent price drop and returned to on the pivot . Now we are testing it again. I would personally wait for the pullback to buy on an oversold RSI bullish cross, but would protect my position in case the symmetrical triangle is broken to the downside. In fact it is breaking to the downside as I write this!

snapshot


Here are some possible Elliott waves which show some more bearishness for the time being and would give us early indications of the beginning of the next Elliott wave Grand Supercycle. The bearish Ichimoku cloud flip supports the bearish case, while the RSI may be pointing us upward, so there are conflicting signals. I’d love to draw from the community to get a better reading on this one. Sell volume has been strong but tapering off over the past several days and we recently had a pretty significant bull day. ARDR is fundamentally a great project, so any technical analysis from quickly become outdated if sentiment changes.



Potential targets: In construction. I need to do some research on the market cap to judge this one, as it’s one of my longer term projects of interest and I think it has nowhere near met its fullest potential.



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As always, this is not investment advice and is for educational purposes only. All opinions are my own.
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