Hello everyone, ADA'ing it up, let's get right into it. ADA is retracing right now (just like the entire market really) and ADA is one of these coins that HEAVILY respect Fibonacci Retracement . We're talking about surgeon precise market structure here. Look at how it reacted to the .5 and .618 FIB. It bounced right off of them right after retracing.
For example look at the 0.5 fib. It hit it then retraced back to it, bounced and moved up. It did it 3 times and only the 3rd time it broke past it. Same thing happened at the 0.618 FIB only it bounced on it 2 times. Now let's look at the big wick (yellow circle) and what it means. The big wick was to square up the orders lower (yellow arrow). Square up means the broker drive the price down (quickly) in order to clear orders that were never revisited. This market structure leads me to believe that another momentary wick will happen once we hit the .786 FIB to clear the orders on the square up required at the 1600 satoshis area level. That point might be the lowest price we might ever see again on ADA 0.00% and is a very safe entry point.
Long term I think ADA is forming a 2nd wave (retracement) and is about to begin its 3rd wave and give us a 2000% increase over the course of the next few months.
Good find my friend will open longs from 000022 to 000014. This will pump hard once its done dumping
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bernhardus
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Great analysis! Seems that the bears are still in play, is 1600 - 1700 sat possible you think? Waiting for a good entry point like all of us do I think :-)