From all indications, this is not the best time to buy altcoins, every rise is met with resistance and at every high, there is a lot of volume, which signals the big players are closing their positions. But at the same time, ada/usdt and ada/btc have a completely opposite pictures on the charts.
The ADA/USDT chart on the technical analysis side says that there will be a fall, as every attempt to break the trend line and start rising ends up being a bull trap. Now the price approaches the support line and starts squeezing, this is a signal for a breakdown.
There is a falling wedge on the ADA/USDT, which is a bullish pattern, plus the price is pushing up against the upper boundary and getting ready to break through it. This is a good signal for growth.
It will be interesting to see how the price behaves now
Write in the comments all your questions and instruments analysis of which you want to see.
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P.S. I personally will open entry if the price will show it according to my strategy. Always make your analysis before a trade.
Is it good to buy alts now(they're down) or should wait for btc to dump
konalaka
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I am nalaka... in srilanka,,, this is the watch time ada... thanks for your idea ...
konalaka
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ada usdt 😐🤝
SignalProvider
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bishko lol
mkryanj
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In terms of ADA, I still don't see a useful product, so it makes sense for the cool off, and honestly a potential price drop IMO. I expect under $2 soon, and would not buy till under that level. ADA moves with news.. It needs something to keep it from breaking down. On the other hand, I believe most alts are in accumulation phase with people DCAing, I see two scenarios playing out in everybody's mind right now, one is entirely bullish, the other is a bearish version of the bullish scenario. Based off market sentiment, and simple psychology - Everybody sees the money-flow into BTC, but no action from alts that are so far from ATHs... Where do they think the money will go when BTC cools off? Their favorite alts of course... However, traders also know when BTC dips, alts dip... So here is what I suspect is happening, light DCA right now with alts, with most money left for either a "final" dip" for the year, or buying pressure to kick in.
P.S, I have been bearish for awhile, so for me to have this bullish sentiment, It's quite powerful. There is no bias on my behalf.
I will continue to buy alts daily, and will buy more aggressively if we dip.
ADA though... Not touching yet.
ForexTrendline
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Lovely job, thanks!
King_of_Babylon
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Outside of ADA charts, what does on chain data say? Also, is the network loosing the competitive battle to other projects? I'm starting to think so and the price reflects.