ADA has been dropping with little bouncing. But it has been following the red Fib series. It is now approaching some critical supports.
Breakout and exact top was plotted in previous analysis
Admittedly since above breakout call I have been trying to find supports. Now we are near the last stand, with just a couple supports that must hold.
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Decent bounce at the ''Likely" support now comes the red 2.618 for net hurdle
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Always respect a 2.618 if the proper impulse was identified reflection from red 2.618 as expected, but bulls look to be reloading
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Breach of the 2.618, a good start. But the resistance band above will be more difficult, might need a running start and couple of tries
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The bounce is still struggling to gain momentum it seems
Taking a closer look, it seems we had a 5 wave impulse up, and are in ABC correction. Two possible scenarios, depending on whether to use the Wick/Spike down or only the 2.236 as bottom A.
That combination of 12345 and ABC could sell be the (1) and (2) of a larger order like this with wave (3) to come, which could be a quick climb past resistance. Lets see how this plays out.
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So I guess the Green ABC is best bet, lets see if it terminates as plotted
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So much for above moon plans :( BTC still going gang busters and massacring Alts. But we are about to hit the crucial line for ADA
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Finally, a bounce as BTC calms down. Now we need to hold 1015-1050 sats at ALL COSTS.
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Hit our "Bulls Last Stand" zone again, here a zoom Really needs to bounce here.
hi EuroMotif what Fib setting do you use to make line like that
EuroMotif
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@animex, Hi. I start with the standard "Fib Retracement" tool, only I use it for extensions.
I go into the settings for that tool, and change all of the values to my favorites, then save as a Template.
So I have several templates like one for .236-.618 multiples (most common), another for 382-618, and 764-618, etc.