HODL Long ADA
I think ADA is still long. My previous idea was that ADA is forming a W double bottom pattern. I still think it is the case, I had just drawn it too early.
For now it is still creating higher highs and lows on daily timeframe and we haven't gone lower than previous low, however I believe we could see a last wick down to either 1$ or worst case to 0.92$ to create a bear trap, but these are critical levels here, we need to start creeping up back to those MA's and if we loose the purple zone, I think it will be confirmation of the bear market.
But imo, we will see a reversal soon, RSI levels are close to oversold levels and ADA never sits long there. We are currently in fear index & Whales & institutional money are currently accumulating and I think there is a reason why, buy the fear. ADA is at a great price point currently as it's retraced around 61% since ATH. Also we can see a massive bullish divergence. All in all, I think ADA bottom is near the end and should recover soon.
For now it is still creating higher highs and lows on daily timeframe and we haven't gone lower than previous low, however I believe we could see a last wick down to either 1$ or worst case to 0.92$ to create a bear trap, but these are critical levels here, we need to start creeping up back to those MA's and if we loose the purple zone, I think it will be confirmation of the bear market.
But imo, we will see a reversal soon, RSI levels are close to oversold levels and ADA never sits long there. We are currently in fear index & Whales & institutional money are currently accumulating and I think there is a reason why, buy the fear. ADA is at a great price point currently as it's retraced around 61% since ATH. Also we can see a massive bullish divergence. All in all, I think ADA bottom is near the end and should recover soon.
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