Welp I said it in my last chart about 2 hours ago, ADA looked like it was going to breakout again. You heard it here first! Lets see if it holds. I think it will :)
This is not financial advice. DYODD.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
well there be a correction or pullback soon? have you seen the rsi
mysticalwalrus
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@johnz8888, Yes, the RSI is on my chart. To answer your question, there is always a pullback between 30%-60% to confirm an upward trend, this is a normal reaction to a price pushing upwards. If you are asking if there will be a major correction soon, doubtful. There is nothing that suggests a trend change at the moment, especially considering a new all time high. Now, if a price is pushing upwards and fails after at least 3 tries to create a new high, that could cause a correction.
johnz8888
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@imnotgoodatall where do you see the price going to?
mysticalwalrus
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@johnz8888, My next target is 3.25. This is due to the last cup and saucer pattern beginning on the 18th of May. This is calculated by taking the difference between the range of the cup and adding it to the price point at the top of the cup. In other words, Difference in width (2.15 - 1.05 = 1.1) plus top of cup (2.15) = 3.25.
johnz8888
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@imnotgoodatall I sold my bag of ada bc i thought there was a major correction happening, is $2.65 still a good entry?
mysticalwalrus
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@johnz8888, The gist of it is if you are trying to make a quick buck, I wouldn't do it with ADA. You are going to wish you hadn't 6 months to a year from now. You have to consider this a long term investment. I believe that by the end of the year, the price difference from now can be huge. If I was going long in ADA and didn't have any at the moment, I would wait for a small pullback and enter. If it went down, I would buy more and average down.
If you want to make a quick buck, run option spreads on tastyworks. I wouldn't buy and sell this very often.
GregoryAF79
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@imnotgoodatall, This isn't a logical response. Your belief in the ADA long does not render irrelevant their question about entry price target. ADA is volatile like all crypto and this decision can affect returns by over 10%.