ADA ; update ; looks like a full blown turdADA ; update ; looks like a full blown turd
that double bottom i was looking for fell to pieces. s and p etc looks to be wanting to at least double bottom, sweep the lows as well. they are gonna darth maul this shit while everyone is getting christmas drunk and eating too much. hard to think when your in a carb coma.
knife catching the potential capitulation wick would be sick; make sure you do it on low enough leverage that you don't get blown out when it tripple wicks on the lower time frames.
15-18c ish looks like the sweet spot if history repeats. so far its looking pretty friggin similar.
i think you will have time to buy that dip, no need to go full degen and watch this shitshow of an asset class every second.
gl to you gentleman and ladies. have a good christmas/new years with your families/friends.
ADAUSD trade ideas
Cardano (ADA): a good startWhole previous year was not at all good for ADA, as the coin reached new historically lowest levels. The coin ended the previous year at level of $0.24 which is a new low for this coin. However, the start of a year was in a more positive mood, as ADA managed to revert a bit its price and erase some of the previous losses, by reaching level of $0.28, where it is ending the week.
Daily trading volumes continue to be extremely low for ADA, but on a positive side is that buying orders were dominant on the market during the first trading week in this year. In line with the spot market, RSI was pushed to the levels above 50, which indicates that the market is more oriented toward the overbought side. Moving averages of 50 and 200 days did not change their course and continue to move as two parallel lines with clear downtrend.
As per current charts there is potential for ADA to test the resistance line at $0.30, but it will occur only if there is enough market strength for such a move, considering quite low daily trading volumes. On the opposite side, the price might revert a bit down to $0.25 to test this level for one more time.
Morning Update: Crypto Goes Boom! Part 1Boy, is it nice to be awaken in the night to sound of alert beeps going off and its NOT because Crypto is going down.
After completing its initial wave 1, ADA price experienced very short and shallow wave 2. We obviously wake up this morning to a wave iii of 3 extending beyond standard Fibonacci resistance areas. Given the extension, we now expect a minor wave iv and v for our wave 3. A wave 4 and 5 should follow. If ADA remains impulsive, and continues to extend, this wave (i) on an intermediate basis should conclude in the areas of the next Fibs .359 to .393.
Best to all,
Chris
Morning Update: Sheer PerfectionADA price has successfully carved out a 5-wave pattern to the upside.
Having completed that, I now expect ADA to retrace in a wave 2 into the target box of $0.262 to as low as potentially $0.246. Upon a successful retracement and HOLD of $0.246, the next time ADA breaches $0.277 it should do so impulsively.
Things are starting to get exciting within the ADA chart folks.
Best to all,
Chris
Special Update: I said I would never do thisI am begrudgingly posting this micro of ADA. Full disclosure, based on what Mr. Internet and the Google Machine says... I am now considered an ADA Shark . From what I have read anyone owning between 10,000 to 100,000 ADA is considered a shark...LOL. I currently own just south of 21,000 ADA. I am in the process of deciding to whether to build that position to 100,000 or stand put.
But when I started coverage on ADA I specifically stated I would not post micro counts. However, due to the sheer amount of DM's arguing me to track ADA more closely...I am a proponent of the good people who chose to follow me...so in many ways...I have no choice. ADA appears to have the beginnings of a bottom.
What constitutes a bottom in ADA?
I need to see an impulsive 5-wave structure that initially trades above $0.28, then trades above $.034. Only then can I begin to consider a long-term bottom in ADA has been struck. We're a ways away from that happening. But in the immediate, we're making good progress.
Best to all,
Chris