ADABTC - Waiting to exhale - Perhaps a bit more correction
Good day traders and welcome to this idea on what’s definitely a favorite coin among many, ADA
ADA ADA ADA… My lovely ADA. I still remember waking up a nice sunny morning looking at ADA’s trading volume with my jaw dropped. Here it was, a coin that came out of no where and immediately became fan favorites. That very morning I had my first 100% where ADA traded from 800 to 1600 within 15 minutes. I still remember it vividly and just like that I fell in love with ADA as many did.
Now that the confessing is over, let’s get to the good stuff.
We’re trading below the 10 day EMA with one bearish candle after another and most of them don’t have upper wicks. Today’s candle might be the first day that we close below a key pivot at 3400, ensuring a resistance that we’ll have to fight if we ever decide to come up. On top of that, we’ve broken our RSI supporting trend line. Since this is in the daily, likely the correction will be longer than a week or two.
As far as waves, we are trying to find ourselves a fourth wave (iv). With this current wave reaching past .382, I suppose we can assume that (iv) might be done but I highly doubt it. With what’s happening with BTC, I would guess that (iv) might be complicated with either an XYZ combo or ABCDE triangle. We might even test the 50% retracement, who knows. Unless we start breaking resistances, first at 3400, then 3650, and ultimately 3950, we might be able call that a (iv), but until then, it’s side ways then down from here. We’ll likely will resume the push at the end of May as the team start releasing updates from the roadmap. Likely we’ll get to our target of 4750 mid July. We shall see.
If you have found this to be entertaining at the least or if you hated it, feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
ADA ADA ADA… My lovely ADA. I still remember waking up a nice sunny morning looking at ADA’s trading volume with my jaw dropped. Here it was, a coin that came out of no where and immediately became fan favorites. That very morning I had my first 100% where ADA traded from 800 to 1600 within 15 minutes. I still remember it vividly and just like that I fell in love with ADA as many did.
Now that the confessing is over, let’s get to the good stuff.
We’re trading below the 10 day EMA with one bearish candle after another and most of them don’t have upper wicks. Today’s candle might be the first day that we close below a key pivot at 3400, ensuring a resistance that we’ll have to fight if we ever decide to come up. On top of that, we’ve broken our RSI supporting trend line. Since this is in the daily, likely the correction will be longer than a week or two.
As far as waves, we are trying to find ourselves a fourth wave (iv). With this current wave reaching past .382, I suppose we can assume that (iv) might be done but I highly doubt it. With what’s happening with BTC, I would guess that (iv) might be complicated with either an XYZ combo or ABCDE triangle. We might even test the 50% retracement, who knows. Unless we start breaking resistances, first at 3400, then 3650, and ultimately 3950, we might be able call that a (iv), but until then, it’s side ways then down from here. We’ll likely will resume the push at the end of May as the team start releasing updates from the roadmap. Likely we’ll get to our target of 4750 mid July. We shall see.
If you have found this to be entertaining at the least or if you hated it, feel free to let me know with a like or comment. As always, good luck and stay safe!
Kinashi San
*For pure fun and joy, not financial advice. Not a recommendation to buy sell or hold.*
Comment:
Entry at 3000 hit... now let's hope for a quick and easy recovery so we can pop some bottles
