Short

Time to take some profits?

Updated

ADA needs a pullback, maybe Bitcoin falling to $3700 range will drag ADA down. Will take small profits in the coming days, I think it needs to test that red trend line first :)

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Still move upward movement

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Target of 0.1 hit, I'm all out. It could still go higher if Bitcoin goes to $5500 but not risking it :)

Trade closed: target reached

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Seems like I triggered a drop lol

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ADA is really holding on, it seems like Bitcoin is holding a lot of ALTs like this, the slightest BTC fart and they all fall hard. Even though I could make a sweet gain re-entertaining here, the potential is not that interesting compared to where it could drop. So I will be monitoring BTC closely to decide what to do next, but for now the plan is to wait 2-3 weeks for a re-entry :)

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I see a descending triangle from here :)

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Rejected so far at the resistance line and also closed under the 50MA on the 4h chart, the descending triangle has been validated so far but watch for breakout either way. I see a potential drop to 0.68 and potentially bounce on the 200MA 4h.

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ADA is simply following BTC so even if we breakout to the upside as we just did momentarily, I won’t get back in until there is a descent pullback of at least 25%

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ADA seems to be ready for a major fall, it is about time!

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Possible bear flag in play.
I’m currently looking into an entry position, there are some indicators such as RSI that shows we could be ready for a bounce. I exited all my ADA position at $0.1 and an entry at around 0.62 would be a good profit to lock in. It could go much lower to 0.5 though but at this stage is preferable to be conservative :)

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So the bear flag was invalidated after BTC made a nice pump. Currently ADA has done around 10% and reached a key resistance line (in orange) I’m hoping it will roll back from here and make a new low. A close above this resistance line on 1h chart with confirmation would force me to get back in. Potential H&S would confirm rejection at this key resistance.

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Potential H&S

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RSI at key resistance, price on top of channel, potential double top for an ugly rollover. However on the weekly chart it looks ready for a bounce to test the 50WMA once more. This pump though is only following BTC meaning if BTC gets into a correction we might see a pretty big drop in ADA.
Also the ADABTC looks good for a bounce.

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Potential iH&S on 3h chart showing potential reversal here. The volume profile also confirms this. Very tricky situation, if it wasn’t for BTC pumping this hard I would go all in now but a pullback of BTC would reset the ADABTC pair and drop the ADAUSD pair significantly making this up move we had in the last few days a bear flag https://pole...https://www.tradingview.com/x/X9O20RuR/

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ADA still falling within channel, not going in yet despite we have done a double bottom.

Poukitoun

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