This thread correlates with my linked BTC thread and is all on the back of BTC having a bounce. I think there is a reasonable chance BTC has a fast fakeout slump before the bounce but allowing for that with a wide stop on ADA - here is my setup.
ADA seems an obvious choice to trade for a bounce:
Currently it sits in the green support channel that has previously held price well.
Daily RSI is overbought and showing some bullish divergence.
MACD is curling up with histogram moving above the 0 point.
Inside fibonacci projection (1:1) hits current support area and good chance is a sign of reversal.
Target is the 0.618 retracement area $2.13 up to $2.4 for overshoot, but if it gets there I might let some of the trade run a bit and wait for sign of reversal.
Not advice.
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On 3 day chart ADA has lowest RSI since March 2020 and lowest MACD ever.