Cardano (ADA): Wann Kommt die Erholung? Elliott Wave Chartanalyse

Summary

In this video, the speaker analyzes the price action of ADA (Cardano) on the daily timeframe. Despite a sharp collapse earlier in the week, the support level held, suggesting a possible bottom for the price. The speaker remains cautious but leans towards a bullish scenario, tracking an upward movement, possibly targeting higher levels in the near future. While the market remains uncertain, the speaker emphasizes the importance of monitoring key price levels, including Fibonacci support zones, to gauge the next potential moves. The overall tone is cautious but optimistic, with a focus on trend analysis and patience in the market.

Takeaways

• 😀 The price of ADA (Cardano) saw a sharp drop earlier in the week but did not break key support levels sustainably.
• 😀 Despite the initial sharp fall, the market has quickly rebounded, suggesting that the bottom may still be intact.
• 😀 The speaker continues to track a primary upward structure, represented by the yellow trendline, although they remain cautious about its validity.
• 😀 According to Elliott Wave theory, the current movement could be part of a Wave 4 correction, implying potential for further upward movement.
• 😀 If the price falls below this week's low, it could indicate a shift in market structure, potentially leading to a bearish scenario.
• 😀 The recent drop was sharp but likely temporary, suggesting a possible continuation of upward movement if the support holds.
• 😀 The speaker tracks key Fibonacci levels, with a focus on support between 56 and 68 cents, which could signal further bullish potential if the price holds.
• 😀 The short-term chart still shows unclear structures, with no clear upward trend yet, as the market recovers from the sharp decline.
• 😀 A large range between 29 cents and 29.5 cents is seen as a potential consolidation zone for ADA, with potential resistance near 85.6 cents and 99 cents.
• 😀 The speaker suggests that while the price structure is currently uncertain, they lean towards an upward movement scenario as long as key support levels hold.

Q & A

What happened to the price of Ada earlier in the week?

The price of Ada experienced a significant drop to around 50-51 cents but did not break the support level sustainably. It was a sharp but temporary drop before the price was pushed back up by bullish forces.

Is the price movement of Ada indicating that a bottom is in place?

The speaker suggests that ideally, the bottom should be in place, but it's not guaranteed. If the low of the week holds, it supports the idea of a potential bullish continuation.

What would happen if the price of Ada breaks below this week's low?

If Ada breaks below the low of the week, it would likely signal a shift toward a bearish scenario, possibly leading to further downside, with a higher likelihood of a larger bearish structure unfolding.

How does Elliott Wave theory apply to Ada's current market situation?

According to Elliott Wave theory, the speaker is tracking a potential 'wave 4' structure in Ada, which suggests a corrective phase before the possibility of another upward movement. If this theory holds, the price may move higher, but caution is necessary.

What is the significance of the Fibonacci levels in the analysis?

Fibonacci retracement levels are used to identify potential support and resistance zones. In Ada's case, the key support zone is between 56 and 68 cents. The price could find support here, potentially leading to a bullish scenario.

What would happen if Ada fails to hold the 56-68 cent support range?

If Ada falls below this support range, the next major support level to watch would be around 29 cents. A break below this could signal further bearish action and a significant shift in the market.

Why is the speaker not fully bullish despite the current price structure?

The speaker remains cautious because while there is a potential for upward movement, the sharp price drop and the uncertainty in the market create risks. The overall market behavior suggests the need for careful monitoring.

What are the potential resistance levels if Ada moves higher?

If Ada moves higher, the first resistance level to watch is around 85.6 cents, followed by 99 cents, and potentially reaching as high as 1.1 to 1.17 dollars.

What is the range of price movement the speaker anticipates for Ada?

The speaker expects Ada to potentially move within a large range, between 29 cents (the lower boundary) and 2.95 dollars (the upper boundary). The price could move within this range for a while, depending on market conditions.

What is the overall market sentiment toward Ada according to the speaker?

The market sentiment is cautious but slightly leaning toward a bullish outlook, as long as the price stays above the key support levels. The speaker emphasizes that the market structure is still corrective, and any significant breakdown below support could change the sentiment to bearish.