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Long

ADABTC showing signs of reversal

BINANCE:ADABTC   Cardano / Bitcoin
During the bear market of 2018 ADABTC peaked in May and crashed forming a wedge on its way down. As it got close to the apex the MACD had higher lows and the RSI had double bottomed. Two bottoms in the price were formed with the latter in Dec 2019 after which the price started picking up and reached a peak in April when bitcoin reversed from the bear market. The same kind of setup is being seen currently however the difference being a double bottom in the price in the last few days.

In addition, several other market factors may have a correlation such as BTC market dominance going down, Ethereum picking up some steam ( Higher hash rate, higher transactions/day, Istanbul upgrade), EOS centralization issues ( EOS is a top contender for cardano) which could drive users to the cardano platform. Cardano itself has a significant upgrade coming up this month with the transition of the network from Byron to Shelley (testnet) which introduces staking.

Comment: During reversal 21 EMA cross 50 EMA started the uptrend. This is most likely going to happen this month.
Comment: Upcoming shelley staking on the testnet in november will drive the price up further.
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