I still maintain that ADA is the best short of the market cycle
Reminds me heavily of XRP and IOTA of 2017 bull cycle. Both of which ended the cycle at over -90% correction from ATH.
In 2017, both of these shitcoins have been pumped violently to their respective ATHs by aggressive marketing and aggressive market making (straight up throwing money at orderbooks to make number go up). This looks about the same. Entirely FOMO driven chart.
If ADA closes this week under $1.8 we can already expect a high chance of re-testing the $1 mark, which is a strong psychological redline. I can imagine many of the new believers in ADA and it's "mission" will start to have doubts under $1 and start selling. Then $0.35, which wont last for long. And finally under $0.1 where it all started.
But anyway, be patient. Meltdown will not start as long as BTC-USD has any sort of bullish outlook.
In 2017, both of these shitcoins have been pumped violently to their respective ATHs by aggressive marketing and aggressive market making (straight up throwing money at orderbooks to make number go up). This looks about the same. Entirely FOMO driven chart.
If ADA closes this week under $1.8 we can already expect a high chance of re-testing the $1 mark, which is a strong psychological redline. I can imagine many of the new believers in ADA and it's "mission" will start to have doubts under $1 and start selling. Then $0.35, which wont last for long. And finally under $0.1 where it all started.
But anyway, be patient. Meltdown will not start as long as BTC-USD has any sort of bullish outlook.
Trade active:
Trade active as of 1.79.
Trade closed manually:
There will be a better short opportunity just a bit higher.
Comment:
Choo choo
Comment:
Another swing down and full stop. Market maker will be forced to take it a bit higher now.
Comment:
choo choo, diggin deep
Trade closed manually:
Booking for now.
Trade active:
Next tp is $1.25.
Comment:
Book and wait for retrace to complete.
Comment:
Just keep shorting.