ADAUSDT 5/19/2021

Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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I just sold all my holdings of this coin and other coins.

Currently, I'm fiat. Just making trades on Futures.

Waiting for favorable opportunity to buy again.

Currently, in Wave 4. We talk Wave 5 if the price potentially bottoms.

Please make a reference on previous TA.

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Technical Analysis

Elliot Wave
Currently, ADA is in Wave 4 after hitting the 1.618 Fibonacci Trend Based Extension Target at $ 2.4999.
I expect a violent price correction from 50% up to 70% (sounds savage or insane right?).
Currently, price corrects 34.00% (Just a one weekly candle)
50% correction, if it stops and bottomed at 23.60% Fibonacci Retracement.
70% correction, if it stops and bottomed at 38.20% Fibonacci Retracement.
Is 80% correction possible?, Yes, that's 50.00% Fibonacci Retracement.
For Stock Market, it's Market Crash.
For Crypto, its just a Normal Day.
Remember: As I said in previous TA, ADA price action is impulsive either upside or downside.
So, I expect fast price action too...

1W
There is a bearish divergence in 1W.
Currently, weekly support is at $ 1.488 which is the previous strong resistance.
In case weekly support and EMA 9 (Green) is broken, EMA 21 act as next support.
EMA 21 is in confluence with 23.60% Fibonacci Retracement at $ 1.0847.

1D
There is a bearish divergence in 1D.
Soon, Bearish crossover on MACD will happen.
Currently, the price is supported by EMA 34 which is in confluence with 12.00% Fibonacci Retracement.
In case EMA 34 is broken, EMA 55 and MA 50 act as support.
If broken again, SMMA 60 (Sky Blue) act as next support in confluence with 23.60% Fibonacci Retracement.
If broken again, Daily Support at $ 0.6671 act as next support in confluence with 38.20% Fibonacci Retracement and MA 200 (Black).
I think, the most likely scenario: the price will be supported by weekly support at $ 1.488 as first support level.
If broken, the next strong support is at $ 1.0847 or EMA 21 (Weekly) or 23.60% Fibonacci as second support level.
Price falling to to 38.20% Fibonacci is unlikely but I'm watching it also too.

4HR
MACD is entering negative zone which means a prolong selling pressure increases.
But be careful as RSI getting oversold maybe a potential bounce after.

1HR

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Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT

Comment:

1W
ADA made a low at $ 1.01 and bounce back above $ 1.488 which means the two support levels at $ 1.488 and $ 1.0847 is a strong support. Let's see in the next days if Wave 4 is over but for now still in Wave 4.

1D
There is a bearish crossover in MACD. I think better to wait in the sidelines for favorable entry.

4HR
There is a bullish spinning top candle. RSI is below 30 level. Stoch RSI is moving up. MACD makes bullish crossover after 8 Hours (I think).

1HR
There is bullish convergence. But be careful.

Comment:

Proof that the bulls defended it.

Comment:

Today's price increase is due to bounce of selloff yesterday. Just be careful. I'm still finding good entries for now.