ADA Fib. Retracement
Updated
ADA/BTC pricing is currently sitting right on the .786 Fibonacci retracement line, taking this into account with an RSI value nearing 30 (underbought) we may very well see a bounce off of this Fib. extension line.
If ADA does not bounce off of the .786 Fib. retracement line we may see a full retracement.
I marked accumulation/support zones as green (.786 fib, 1 fib).
As we can see from the RSI though ADA has a history of bouncing off of RSI levels very close to 30, and only in the last months has it been able to puncture below (Early Feb, Late Feb, Early March)
My take: Because ADA has been able to puncture below RSI of 30, 4 times in the past 1.5 months, I will be waiting for it do so before buying, and expect those levels will line up with satoshi values of approx. 1900-2100.
(My buy zone is 1900-2100 sats, and I will be placing a stop at 1749 sats in case ADA does bleed and complete a full retracement.)
If ADA does not bounce off of the .786 Fib. retracement line we may see a full retracement.
I marked accumulation/support zones as green (.786 fib, 1 fib).
As we can see from the RSI though ADA has a history of bouncing off of RSI levels very close to 30, and only in the last months has it been able to puncture below (Early Feb, Late Feb, Early March)
My take: Because ADA has been able to puncture below RSI of 30, 4 times in the past 1.5 months, I will be waiting for it do so before buying, and expect those levels will line up with satoshi values of approx. 1900-2100.
(My buy zone is 1900-2100 sats, and I will be placing a stop at 1749 sats in case ADA does bleed and complete a full retracement.)
Note
:) back to 2300 sats now, bounced off RSI just as expected. Will now wait and see if we can get past 2500 sats if so then brekaout confirmed, if not then crash back down incoming.Note
!!!Did it bounce off that green box i drew?!??!?!!?!?!?!
answer:yes
up 44% on this trade. in sat value... makes up for that shitty nano/xrb trade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.