Ardor Probability Of Reversal
Aggiornato
Ardor went all the way down to the 5k satoshi level from the 15k satoshi high, losing almost 70% to the Bitcoin in just one month. The support at 7.3k satoshi was broken together with the Gann Fan trendline and price went lower, to test the next support at 5k satoshi.
This is a very strong support are, ie 4.5-5k satosi, that is a 227.2% Fibonacci retracement level of the corrective wave up after breaking the uptrend trendline. It also confirmed by the 8/1 Gann Fan trendline. And finally, the 200 Moving Average on a Daily chart, that hasn't proved to be broken as Day has to close below 5k sats.
Considering that RSI oscillator showing the oversold market condition it is likely that Ardor is at the bottom of the correction and could start rising from this point. At the same time 5k satoshi support must be watched for a break and close below, it this case Ardor could go lower.
This is a very strong support are, ie 4.5-5k satosi, that is a 227.2% Fibonacci retracement level of the corrective wave up after breaking the uptrend trendline. It also confirmed by the 8/1 Gann Fan trendline. And finally, the 200 Moving Average on a Daily chart, that hasn't proved to be broken as Day has to close below 5k sats.
Considering that RSI oscillator showing the oversold market condition it is likely that Ardor is at the bottom of the correction and could start rising from this point. At the same time 5k satoshi support must be watched for a break and close below, it this case Ardor could go lower.
Nota
Ardor could be moving lower towards 3k supportTrade chiuso: obiettivo raggiunto
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