ADAUSDT seems formed 2 simple A-B-C correction moves after the dump, all nailed the 1 to 1 fib-extension level at point C from point A. Then wave 2 retraced 50% from wave 1, and wave 3 has a clear small 5 waves inside, now ADAUSDT seems like working on its 5th wave. After taking a fib-extension from point 3 to point 4, there are a couple of levels to watch: 0.618-0.65, 0.786, and 1. We are currently between 0.5 and 0.618, RSI and MACD seem overbought already, however, it still may not be a good time to short yet. Firstly, there were situations that RSI and MACD were even higher than the current levels at 8 hours and 4 hours; secondly, BTC and SP500 are still green, and the price rise of both will very likely to push ADA higher; and also, we do have previously resistance pivots that were formed in May 2019 at 0.618-0.65 levels, and we have the high in June 2019 almost exactly at 1 to 1 level.
In conclusion, I do think ADAUSDT is about reaching its top and we are likely see a dump soon, however, the current situation is still uncertain as explained above. If BTC and SP500 get dumped within a couple of days, then maybe the current price or 0.5 level is the top of ADA; but if BTC and SP500 are still green then ADAUSDT is likely to get pushed to 0.618-0.65 level or 0.786 level, and I do expect a dump at those levels with other indicators and the general market as confirmation; As of 1 to 1 level or higher, I believe the possibility is pretty low since ADAUSDT doesn't really have previous resistance pivots at those levels, all the previous pivots that formed higher than 1 to 1 level were all happened during a bearish trend when the coin was getting dumped, and many indicators are already overbought level, thus, a push of price to higher than 0.117 is unlikely as for now. So, look for RSI, MACD and other indicators for confirmation, and also keep an eye on the market, a drop of ADAUSDT can happen soon. Thank you guys.
In conclusion, I do think ADAUSDT is about reaching its top and we are likely see a dump soon, however, the current situation is still uncertain as explained above. If BTC and SP500 get dumped within a couple of days, then maybe the current price or 0.5 level is the top of ADA; but if BTC and SP500 are still green then ADAUSDT is likely to get pushed to 0.618-0.65 level or 0.786 level, and I do expect a dump at those levels with other indicators and the general market as confirmation; As of 1 to 1 level or higher, I believe the possibility is pretty low since ADAUSDT doesn't really have previous resistance pivots at those levels, all the previous pivots that formed higher than 1 to 1 level were all happened during a bearish trend when the coin was getting dumped, and many indicators are already overbought level, thus, a push of price to higher than 0.117 is unlikely as for now. So, look for RSI, MACD and other indicators for confirmation, and also keep an eye on the market, a drop of ADAUSDT can happen soon. Thank you guys.
Comment:
June 2019 almost exactly at 0.786 level, that was a typo.
Comment:
BTC is dropping, ADA and other altcoins are dumping too. But don't short yet, it doesn't mean wave 5 has finished, another rally could happen if BTC doesn't dump any more.