This is pretty simple to see. Every time ADA has jumped in price the 1D candle will touch the 20 day MA and the RSI will drop to around 50. This is needed and healthy pullback and ADA is just repeating history. The charts are your friend and get ready for the next ATH.
I'm new to trading in general, but the MacD and RSI on the daily are still indicating that the bears are in control, so much so that i believe we won't get the bull run until maybe Sunday.
Just want to make sure my entry point from .82-.92 is feasible.
EMA34TRADER
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@slyrooster1241, that is the risk as always the chance BTC can pull down to 42K and pull the market down, also other factors in play like the stock market and futures risk just now that can have a negative influence in the crypto market. I agree that the market could drop anytime from now until Sunday and the weekly candle closes, but if BTC can get back to 52k then we should be ok and we can move on into wave 2 of the bull run. This week has been one of the hardest to read as conflicting indictors and trying to predict which way the market will go. I would set a buy limit order if we get a flash crash and wick down to the 0.8x level, and if nothing happens then I think you will still be able to buy back in after Sunday with confidence the market is going up.
slyrooster1241
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@zabaroptik, appreciate the input! Happy trading friend!
MadelynRose
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What about 1$? I saw order set pressure on 1$.
EMA34TRADER
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@MadelynRose, Good question. It should hold >1$1.07 level as key Fib support and if not then it can breakdown to $0.96. ADA and other coins are subject to fluctuation to other factors like BTC being able to hold 48K or it could drop to $42-44k level. So we need to look at the overall health of the market and understand what can influence a lower price. BTC has held up well this week and rebounded nicely, but is still unable to break the 52K resistance. These are things that will help move ADA up / down. Dont panic if it goes down as we just complete wave 1 of a 3 wave cycle and still in a very strong bull market and we are just about to start wave 2 which will be even bigger than wave 1.
I'm new to trading in general, but the MacD and RSI on the daily are still indicating that the bears are in control, so much so that i believe we won't get the bull run until maybe Sunday.
Just want to make sure my entry point from .82-.92 is feasible.