ADAUSD Elliott Wave Technical Analysis 09 January 2023
4 Hour
Elliott Wave Analysis TradingLounge 4H Chart, 9 January 2023,
Cardano / U.S.dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave (3)
Direction Next higher Degrees: wave (1) of Motive
Details: wave (3) is usually the same length as 1.618 or 2.618 x Wave (1)
Wave Cancel invalid level: 0.2390
Cardano / U.S.dollar(ADAUSD) Trading Strategy: The Cardano 4hour chart tends to reverse to an upward trend again as the price can rise above the MA200 and MA50 lines. the first period of ascent There is a short-term trend. That correction could be an opportunity to consolidate the trend again.
Cardano / U.S.dollar(ADAUSD)Technical Indicators: The price is above the MA200 MA50, indicating a uptrend. The wave oscillators above Zero-Line momentum are bullish
Daily
Elliott Wave Analysis TradingLounge Daily Chart, 9 January 2023,
Cardano / U.S.dollar(ADAUSD)
ADAUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave V
Direction Next higher Degrees: wave V of Motive
Details: Wave V is likely to end at level 0.2390 and the price is turning into an uptrend again.
Wave Cancel invalid level: 0.2390
Cardano / U.S.dollar(ADAUSD) Trading Strategy: Cardano is still under selling pressure as it is still below the MA200, but the price has recovered well from the 0.2390 level and a bullish divergence from the Wave Oscillator gives the trend a chance to reverse upwards again.
Cardano / U.S. dollar (ADAUSD)Technical Indicators: The price is below the MA200 indicating a downtrend. bullish divergence from the Wave Oscillator gives the trend a chance
