CNBC Shilled ADA for bottoming at the beginning of this run which was suspicious; however the masses bought into the pumped sell walls and created the pattern we see here - what many must have bought into after drawing the legendary cup and handle formation on their charts.
The month is ending and it has been a great one - But with bitcoin showing weakness to the dollar at these levels and most alts pumped into key resistance zones and conveniently held there with walls while shorts close at a loss; this looks suspiciously like the short term top, i like the way the Volume bars have rejected at the same angle however on this wave up we can see large red patches of volume pushed between the greens, not like the first cycle up. Also; The MFL is showing a weakening structure very similar to the first cycle Top. i can see 5 waves up on this leg which points towards this being (B) of a much larger move.
My target line was devised from the price it got dumped too on Binance, a very likely scenario for a whale like cz to pull off as i'm sure hes vacuumed a large portion of supply here. whether Binance or finex will lead is a story for another day.
As i say in all my posts this could easily go the other way with the current market dynamics because; if it did, people would still buy. emotions follow price action and if a coin pumps, people want in. if it dumps, they want out. We will be watching Bitcoin here and comparing it to the ADA btc pair because the liklehood of ADA loosing substantially more value is high. i can recall the downtrend in January and ada was shedding satoshis like a lizard with a skin disease. i presume it is shortable on bitfinex which would add to the fire.
adas total and circulating supply has always been on my watch list as it seems excessively biased towards the creators, and lets not forget this is another cryptocurrency minted from thin air, No work was done to produce the asset thus giving perceived long term value.
as the tone of the week, ill be calling short here with a rebuy level on the greeen line, as bulls scream at me saying this is not possible; we are in a bull market. Sit back, relax and enjoy the show. welcome to 2018
Basil
The month is ending and it has been a great one - But with bitcoin showing weakness to the dollar at these levels and most alts pumped into key resistance zones and conveniently held there with walls while shorts close at a loss; this looks suspiciously like the short term top, i like the way the Volume bars have rejected at the same angle however on this wave up we can see large red patches of volume pushed between the greens, not like the first cycle up. Also; The MFL is showing a weakening structure very similar to the first cycle Top. i can see 5 waves up on this leg which points towards this being (B) of a much larger move.
My target line was devised from the price it got dumped too on Binance, a very likely scenario for a whale like cz to pull off as i'm sure hes vacuumed a large portion of supply here. whether Binance or finex will lead is a story for another day.
As i say in all my posts this could easily go the other way with the current market dynamics because; if it did, people would still buy. emotions follow price action and if a coin pumps, people want in. if it dumps, they want out. We will be watching Bitcoin here and comparing it to the ADA btc pair because the liklehood of ADA loosing substantially more value is high. i can recall the downtrend in January and ada was shedding satoshis like a lizard with a skin disease. i presume it is shortable on bitfinex which would add to the fire.
adas total and circulating supply has always been on my watch list as it seems excessively biased towards the creators, and lets not forget this is another cryptocurrency minted from thin air, No work was done to produce the asset thus giving perceived long term value.
as the tone of the week, ill be calling short here with a rebuy level on the greeen line, as bulls scream at me saying this is not possible; we are in a bull market. Sit back, relax and enjoy the show. welcome to 2018
Basil
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looking good
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drew this up to reinforce why i don't think ADA is going on a trip to the moon anytime soon if anyone is doubting the crazy waves down
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Withcraft from the Tacosarus
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ADA sat here for days dumping worthless tokens for Good priced BTC or waiting for another Moonshot? Will it be TacoTime or washing up time?
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who on earth wold long this crap here; i dont know
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i wish i shorted this SO bad
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getting there
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Freefall to entry price?
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still ded
Trade closed: target reached