ADA has dropped 75% of the last move up. Price is now at the juncture of previous resistance and the midline of the Bollinger Band (21 day moving average). If this level can't hold, the next support level is at 485 Satoshis.
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Disclaimer: This post is for educational purposes only. Trading is at your own risk.
Hi,
Interesting chart. What kind of Fib tool did you use please?
GoldBands
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@bobopidoo, thanks!. I use the standard fib retracement tool, adjusting it as needed. I also use it as a fib extension tool as it's easy to put in the levels above and below the range.
UnknownUnicorn995743
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i think it can go much lower. btc could continue to rally, making any pair against it very difficult to chart it correctly.
spacemonkeey
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I so rarely see a chart where the price goes up this high then comes down nearly to the start of its run. I guess this really is a 'long-term hold'...
GoldBands
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@spacemonkeey, double bottoms are pretty common. That's how price establishes strong support areas.
GoldBands
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@spacemonkey, I wasn't too happy with the retracement either but figured that once Bitcoin had it's run, the alt coins were going to follow. I am definately HODL. :=)
Interesting chart. What kind of Fib tool did you use please?