ADABTC - Still In An Uptrend 🧐

Chaos everywhere and firstly to point out that SPX has crossed the 200MA for the first time post "new world." If there is a major crash ADA will get flattened. Jut to be realistic here.

But that aside its well worth noting that ADABTC looks very optimistic and still moving upward in preparation for a BTC bounce whenever it comes.

This does not look like a chart ready to crash imo. It looks like the start of a new trend and the daily bullish divergence seems to very much agree with that.

Perhaps there is something ADA algos know that we don't.

Either way its a bullish chart - for now.

That said if SPX continues much longer under the 200MA I will probably exit and chart from the sidelines. Its just risk I dont need to take.

Not advice.

Comment:

Bit boring but it doesn't make sense to be long anything with stock indexes now under the 200MA for the first time in almost 2 years. No heroes here - sorry about that. I'm exiting my ADA long and will wait for more dominant charts to show their hand before considering re-entering any longs anywhere.

Comment:

And a big bounce could well come and ADA may go flying off, but its no longer within my risk strategy so I wont miss it, I will respectfully wait for the gates to open again.

Comment:

This divergence will get resolved with a strong pump I think and I'm guessing won't make a lower low (or it will be very close to previous low) but USD price can be way down at that point. So with BTC looking very bearish right now and quite probable will have a DEEP selling climax, I'm staying well away from any longs for the time being, but will be looking to buy ADA on and BTC bounce. It will have a very strong bounce whenever that happens i think.

Comment:

I'll be interested in ADA again once there are a few solid index closes above 200DMA. Until then its not a trade for me.

Comment:

Indexes ended the week with a bullish daily candle and for SPX that is right on the cusp of the 200DMA. And this is very common and not by chance - the week ends on on a knife edge - undecided. Next with it could push through and up and BTC and ADA will likely react to that positively or SPX could be forming a B wave of a sideways correction before another leg down. For this reason I wont take a chance with ADA until there is more clarity next week and good chance ADA will react very early to this. Will review next week.

Comment:

D wave* - but the wave is irrelevant - whether it is progressive or regressive is what is significant.

Comment:

Just to update that I will return to covering crypto but for now if you want to know the reason I've lost interest just look across to my SPX thread. Stocks are in big trouble and its not a great time to swing alts imo

Comment:

Well the trend didnt break here and BTC has impulsed up entirely independent of indexes so very good chance ADA will have a rally. Not everyone agrees but that isnt required for a good trade.