ADA USDT Retracing to 1.00 before heading to ATH
ADA ran up to match the ATH at 1.48, but did not have enough energy for a real retest and quickly broke down. Now we are seeing a strong retracement. Where will we bottom out?
We see now that it not only brown down from the ascending triangle of the impulse run up, but also the ascending trendline.
A 25% correction would put us around 1.11, but this is not a strong level of support.
Next stop would be a 30% correction just above 1.00. There is strong support at 1.00. Around this could be a bottom, with the possibility to wick down to 0.90 (40% correction).
If the 1.00 range does not hold, then the 0.75 range seems the next stop (50% correction). This looks unlikely at this point, but we cannot rule out a bigger/broader correction as we get into March and the crypto market continues to retrace.
Following this correction, we stand a good chance of driving back up to the ATH and up towards $2, if not in March, then in April.
For now, look for short opportunities on the way down until we find a bottom, then go long and accumulate what you can.
As always, limit/manage your risk and do you own analysis before opening/closing positions. Good luck!
We see now that it not only brown down from the ascending triangle of the impulse run up, but also the ascending trendline.
A 25% correction would put us around 1.11, but this is not a strong level of support.
Next stop would be a 30% correction just above 1.00. There is strong support at 1.00. Around this could be a bottom, with the possibility to wick down to 0.90 (40% correction).
If the 1.00 range does not hold, then the 0.75 range seems the next stop (50% correction). This looks unlikely at this point, but we cannot rule out a bigger/broader correction as we get into March and the crypto market continues to retrace.
Following this correction, we stand a good chance of driving back up to the ATH and up towards $2, if not in March, then in April.
For now, look for short opportunities on the way down until we find a bottom, then go long and accumulate what you can.
As always, limit/manage your risk and do you own analysis before opening/closing positions. Good luck!
Note
Just an update that volatility (up/down) is to be expected - a good opportunity for scalping. Meanwhile it may take a day or two for us to find the bottom. Patience is key :)Note
ADA has been quite resilient with the area around 1.20 providing support, and leading to sideways movement in a narrow range between 1.23 and 1.33 that has been good for scalping but not playing out as big of a dip.We must wait two hours for many timeframes to close to get a sense of where this week will take us. In the meantime, it looks like the sideways action will continue with a bias towards the upside for now
Note
Update posted:
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.
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.