Cardano (ADA) & Neblio (NEBL) Technical Analysis: Solid Entry-Levels After Dip

Altcoins have been bleeding the last couple of weeks, and we finally have some more altcoins in levels where we can consider adding to our long-term positions as well as take some short-term trades. In regards of making short-term trades, Bitcoin remains at a critical level.

Bitcoin daily chart

If the price can't keep above the 0.5 fib level at around 8250, I'm expecting this dip to continue closer to 7800usd. That kind of fall would most likely flush Cardano, Neblio, and many others below their current support levels but also pull players like EOS and Ontology back to levels where we could consider buying into those.

Cardano

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Daily chart

Trendline meets the 50-day moving average to give support right where we are at around 2950 sats. Elliott wave theorists might say we are only in the early stages of wave C in the ABC correction, meaning we still have room to fall. I think this is a great level to buy especially for the long-term. On a short-term trade you'd only lose a couple of percentages if you were to sell once the price falls below the 50-day moving average and out of the trend. The upside on the other hand is huge.

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Neblio

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Daily chart

Looks just like Cardano's chart, doesn't it? Pretty much the same story. There would be about 5% loss if sold below the 50-day moving average, but the upside here might be even greater if the bull market gets going.

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I would see how this day progresses before buying either NEBL or ADA. The ideal case would be for Bitcoin to start showing some strength and close well above 8200. No matter how strong some altcoin support levels may seem, they are more than likely to fail if Bitcoin falls.