Has ADA hit bottom in this impulse?

Your guess is good as mine.

At present, ADA is at the 0.618 retracement.
With the potential of BTC to retrace a bit further, the entry for ADA might be at the fib 0.786.

Observations:

On the Daily, 100 EMA is acting as support.
The AMX indicator hinting more of the same direction.
RSI indicating it can go further down with its current trajectory and momentum.

Conclusion: Unless you see a double bottom pattern forming, I would hold off buying ADA until fib 0.786 is reached.



Cheers,

Trade active:

ADA looks like changing trend \ to up based on the fib pitchfork channel, at the 200% range. The 20% increase and v shape bounce on the 4 hrly is a strong indicator. I bought in.

Comment:

Trade active:

Ada still stuck behind the black fib circle, around the 0.078 mark.

Trade closed: stop reached:

Final results. Major resistance reached and waiting. Requires a new post.