Cardano (ADA) has gone parabolic and to the moon! Price has more than doubled since the breakout on 12/16. As new all time highs are made, it is very difficult to predict a short term target as there is not any history or pullbacks to adequately project this. Therefore, I have used the 4 hour chart and the pullback from Sunday to project a target of 3069 Satoshis, based on an equi-distant move of the height of the triangle. This target does coincide with the outer Bollinger Band (2.5x STD DEV) and so I feel it is as good a target as any.
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Disclaimer: This post is for educational purposes only. Trading is at your own risk.
The pullback will happen when Bitcoin takes off again. In the meantime let’s keep buying it. Regardless, ADA is a long term buy so no matter where you get in and hold, in the next 3 months, one will be very wealthy next year
Increments are getting smaller and hesitations are where pullbacks should be. I missed my targets all were reduced. I was prepared but I was short twice. My general idea was right. I'm wondering if the pullback size will accumulate ? What is your thought.
GoldBands
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@Supertraderboy, Such shallow retracements confirm that the bulls are in control and I try to never stand in front of a herd of bulls! We'll need to see multiple sideways candles before we can identify an accumulation period. My opinion is that such strong upward price action indicates that there are big money players who are buying at these levels because they have great expectations of much, much higher prices. Perhaps they know something that we don't, like maybe that Cardano debit card is further along that we think. Also remember that Charles Hoskinson, who was a co-founder of Etherium, is the founder and CEO of Cardano.
Supertraderboy
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@GoldBands, My feeling was the buys were very strong so no retrace. The shorter up movements were a mystery. Your analogy brings it together for me. Short up moves still make me wonder. I will step out of the way of the heard. I usually sell and rebuy dips but problem is....no dips. Thanks
grinbuck
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Target of 3069 satoshis? Is that a typing error? Your chart says target is 3689 satoshis.
GoldBands
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@grinbuck, Thanks for catching that! Yes, a typo. Target is 3689. :-)