ADA/BTC - Cardano, arise! ( soon )

BITTREX:ADABTC   Cardano / Bitcoin
Cardano lost more than 70% of its value after the all time high earlier this year. Is it a dead project or a great opportunity for a buy?

As it gets closer to find bottom, it creates some opportunities for a short term swing trade or a "buy and hold" longer term one.

Closer look on the hourly, its showing some strenght.
Comment: Hmmm looks like its alive after the update.
Comment: No trading advice, but dont FOMO, its not there yet. This can be dragged to some sideways action before going higher, but there is always the chance of keep going.

Dont trade with emotion.
Comment: Cardano seems promising in the next couple hours, a few waves are missing here, and there is a high chance of double top at the same fib resistance, if not slightly higher.

Comment: Also there is BB squeeze, MAs are (slightly) below the price action and triangle on RSI on the hourly, it has to choose a path soon.
Comment: On 30 mins RSI, not 60 *
Comment: I will switch to the alt count on ADA for now, before considering something more complex, the main target remains the same. There are still DIVs on the oscillators but the main trend is down, so i wouldnt advice and trade at this point. There is a DIV on the VFI which is great for long term trend reversals, as long as it stays like that, the box might be the bottom.
Just to clarify, this is a clear short from now. There is no need to swing.
Comment: There is a DIV on the VFI which is great sign for long term trend reversals. ** (missed a word here)

We might have a bounce on the 2.1k-2.2k area, but it would be only temporary.
Comment: Cardano, after the short and expexted uptrend its on its way with the rest of the coins for one last dive. Slowly getting closer to the ultimate fib support levels.

Comment: Although this entered the buy zone, i dont think its done. It's Philakone bumping the coins again, not intenionally of course. Just like one other twitter "celebrity" "bumped" Bitcoin.
Comment: Last "impulsive" move got fully retraced, back to the original path...
Comment: ADA is almost there, it might see some more downtrend after the recent bump - probably around 1.6k sats. 12h, 1D and Weekly SMI about to give a buy signal in the next hours/days.
Comment: Cardano seems super impulsive ( Ripple RSI) and inside a leading diagonal. I wouldnt advice playing the fifth wave tho, it seems that Bitcoin is in a very neutral state. We need a confirmation of the bottom for entering a trade.
Comment: Cardano, is missing a smaller wave most likely, just on time for the RSI and WT div.
Comment: Breaking the RSI support, signals the begining of the down trend.
Comment: ADA still inside the leading diagonal. DIVs slowly become more obvious on the bigger time frames.
Comment: Cardano should be missing a minor wave, target close to double top area.
Comment: Only 3 waves up for cardano an stopped right at the .5 , this makes it a potential b point for the abc correction. I have boxed few potential areas for bounces, but we are not sure if those waves are 1 and 2 of C so the pitchfork may be way off. Strong fib correlations at .786 retracement of this whole move, which makes it a nice candidate for wave 2 of our first impulse up - if this is a reversal.
Comment: if the support doesnt hold, its probably going to the 2050 sats area.
Comment: Cardano slightly lower than expected. If this doesnt hold 2k sats is a very strong support level for the short term.
Comment: Cardano is missing one more wave. Potential bounce at 1.8k sats +-50 .
Comment: Cardano is probably inside an internal extended correction. Even if it breaks the leading diagonal's higher high we still dont have bullish confirmation ( unless its a very impulsive structure).

Comment: ADA might look bullish on the mid term. Its probably on a 3-3-5 corection for the second wave. Watch for a bounce at 2k or 18xx if the first one doesnt hold.
Comment: The count above is not a 335, but both point at the same levels. .65 and .786 retracements of the bounce.
Comment: Cardano looking impulsive! It seems like a mini 3rd wave with an extended 5th( if its completed). Ideally we expect a retracement to the .5 fib for the last wave up. Keep an eye on this one!
Also, when BTC 5k sir?
Comment: HH with bull momentum targets 37xx .
Comment: Cardano is very over extended. It can lose up to 50% in the mid term.
Comment: It may turn here, but i think its temporary.
Comment: Right on target and pitchofork median line with a lot bull-wicks. It can still go further to 28xx but if Bitcoin stabilizes keep an eye on this one, it should be missing one last impulsive move.
Comment: On its way for the 5th bigger impulse. Potential top around 38xx-40xx.
Comment: Top should be in here, unless its missing a minor wave. No further updates on this post unless it shows more strenght, in that case i will try to post the new targets.

Where is my grade professor trendline @DCFreak ? Its been almost a month.
hitting target as we speak, hopefully we get a pullback. but first of all have you and josh abandoned the lower low on BTC. can we clear the decks?
Acel TomPower
@TomPower, tbh im more confused now, since it hit a proper c:a ratio and it looks more corrective structure. It has chances of hitting 10k though.
+1 Reply
What do you think now with the jump and volume increase?
Acel RaulPuiu
@RaulPuiu, Bitcoin moves sideways -> buy alts. alts bump-> profit moves to Bitcoin. Bitcoin spikes -> repeat.

Eventually they will both follow the same trend.
+2 Reply
ADA is getting killed and will continue to get killed for a couple more weeks/months. Not good right now on all areas. People sold this thing hard once it hit 1$
+2 Reply
Acel mjtrustme
@mjtrustme, yes, chances are it will continue the down trend for the majority of this month, but we might see some short term gains before that.
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