ADA/BTC: Upwards Correction before rocketing
מעודכן
The current AADA/BTC is sitting at 7th place by market capitalization, around $8.3 billions.
After ADA having a nice bullish run since early April, around 2000 satoshi, ADA/ hits a resistance zone around the 4000-4200 satoshi area.
As the alts remain coupled towards BBTC/USD momentum and has yet to decouple from it, AADA/BTC follows suits the general downtrend of BTC where BTC seems to be confused as of now where it has yet to find solid support and momentum for its next run.
The momentum of ADA has weaken and ADA reaching overbought zone in the RSI indicator in the 4hr chart. In the daily chart, ADA remains neutral amist the confusion in the general market has been tanking.
From fib analysis, we can see the recent higher high made around 4200 satoshi around early May has reached the 0.618 fib of all time high of 8900 satoshi. ADA tested the 0.618 fib and lost momentum and start reversing to the first support level around 3200 satoshi. The SMA-50 (3351) and SMA-100 (3474) both trading above the AADA/BTC while SMA-200 provides a solid support around 3254 satoshi. The ADA is getting close to SMA-200 value and should find solid support at the region there. The SMA-200 also confirms the fib's level support of 0.618 around the 32xx satoshi areas.
From the Bollinger band analysis, ADA remains to be trading in the lower side of the band and assumes continuation of downtrend until reaching the first support area of 3200 satoshi. More confirmation on volume and momentum needed before the bollinger getting into a squeeze and shows sign of expansion. The squeeze is starting to form as ADA heading towards the support zone. Seeing the RSI indicator is reaching an oversold zone at 33 in 4hr chart and remains neutral in the daily chart. This indicates the ADA will be floating around the 3300 range for awhile.
Possible scenario:
1. Head towards 3200 satoshi and find support while BTC maintaining its support around 8.5k. If bollinger starts to squeeze as volume builds up, ADA will shows sign of reversal to test the next resistance zone at 5200 satoshi range.
2. If BTC fails to hold its steady position, ADA is most likely to follow the trend and assumes downwards, possibly testing the next support zone at 2500 satoshi.
However, with BBTC/USD staying in the range of 8-8.5k, ADA has a good chance to test its first support and gain its momentum and head towards the next target.
Buy Zone: 3300-3400
Target Profit: 5100-5200 (60%)
Now's the time to accumulate some reasonable price ADA. Price trading close to SMA-200 and still variance below SMA-50 & 100 (undervalued). ADA also remains at the lower band of bollinger bands and buy-in entry can be confirm when it reverse towards the middle line to assume upwards trend between band.
*Disclaimer
This is not a financial advice. Please conduct own due diligence before trading.
I am learning and I wish to trade ideas and debate and improve with the community. I will work harder on my presentation writings to present my ideas better so the readers can have a better technical picture of the crypto.
After ADA having a nice bullish run since early April, around 2000 satoshi, ADA/ hits a resistance zone around the 4000-4200 satoshi area.
As the alts remain coupled towards BBTC/USD momentum and has yet to decouple from it, AADA/BTC follows suits the general downtrend of BTC where BTC seems to be confused as of now where it has yet to find solid support and momentum for its next run.
The momentum of ADA has weaken and ADA reaching overbought zone in the RSI indicator in the 4hr chart. In the daily chart, ADA remains neutral amist the confusion in the general market has been tanking.
From fib analysis, we can see the recent higher high made around 4200 satoshi around early May has reached the 0.618 fib of all time high of 8900 satoshi. ADA tested the 0.618 fib and lost momentum and start reversing to the first support level around 3200 satoshi. The SMA-50 (3351) and SMA-100 (3474) both trading above the AADA/BTC while SMA-200 provides a solid support around 3254 satoshi. The ADA is getting close to SMA-200 value and should find solid support at the region there. The SMA-200 also confirms the fib's level support of 0.618 around the 32xx satoshi areas.
From the Bollinger band analysis, ADA remains to be trading in the lower side of the band and assumes continuation of downtrend until reaching the first support area of 3200 satoshi. More confirmation on volume and momentum needed before the bollinger getting into a squeeze and shows sign of expansion. The squeeze is starting to form as ADA heading towards the support zone. Seeing the RSI indicator is reaching an oversold zone at 33 in 4hr chart and remains neutral in the daily chart. This indicates the ADA will be floating around the 3300 range for awhile.
Possible scenario:
1. Head towards 3200 satoshi and find support while BTC maintaining its support around 8.5k. If bollinger starts to squeeze as volume builds up, ADA will shows sign of reversal to test the next resistance zone at 5200 satoshi range.
2. If BTC fails to hold its steady position, ADA is most likely to follow the trend and assumes downwards, possibly testing the next support zone at 2500 satoshi.
However, with BBTC/USD staying in the range of 8-8.5k, ADA has a good chance to test its first support and gain its momentum and head towards the next target.
Buy Zone: 3300-3400
Target Profit: 5100-5200 (60%)
Now's the time to accumulate some reasonable price ADA. Price trading close to SMA-200 and still variance below SMA-50 & 100 (undervalued). ADA also remains at the lower band of bollinger bands and buy-in entry can be confirm when it reverse towards the middle line to assume upwards trend between band.
*Disclaimer
This is not a financial advice. Please conduct own due diligence before trading.
I am learning and I wish to trade ideas and debate and improve with the community. I will work harder on my presentation writings to present my ideas better so the readers can have a better technical picture of the crypto.
הערה
As iljaguzik mentions about the instability of BTC at the moment, ADA supports identified earlier can be considered weak and greatly influenced by the BTC movements. For clarification, I should have mentioned that the buy zone earlier only comes active when the BTC resumes upwards trend and reversal signs are confirmed.
*BTC your moves next
הערה
ADA hits the support zone and still operates within the zone 2800-3000. Volume has yet to pick up and indicators do shows sign of recovering. If it recovers towards 3350-3400 range, then there will be a possible breakout try from there. Let's wait. BTC needs to gain momentum before alts start to move. How I wish alts are decoupled.
הערה
Looks like BTC hitting a critical point. Most likely the pull back for ADA will be great, hitting the 2.4k zone.*BTC is the boss. Awaiting signal from the boss
הערה
עסקה פעילה
For those who entered in the lower green box, you are looking at target around 4400-4500 based on 1.26 find level. 40-50% profit if all works out. Good luck. Somehow we managed to catch the bottom
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