Hello, traders! I just wanted to give a quick update on ADA.
So I attempted to see what was going on with this final ABC correction since it doesn't look like the wave 1 support held. On shorter time frames it looks like there was a rally, but it eventually broke. There just wasn't enough volume.
Since it failed, I tried to count out the waves of this ABC Correction. It is a little messy, but it looks like the counts are fitting! This coin is trading incredibly technically. It is bouncing off Fib regions like crazy. I expect this is because of bot trading - this is both good and bad!
It is good because we can get a feel for what the bots (also called "Algo Targets") are going for. It is bad, however, because they are much faster than any of us are. So if a region bounces and it runs, it runs hard and it runs quickly. If a region fails, it falls hard and it falls quickly.
Some possible Algo Targets we might shoot for are laid out in the chart.
Possible target 1:
1:1 Extension of B to C - 3012 sats
Possible target 2:
1:1 Extension of Wave 4 to 5 coming down - 2650
Possible target 3: Least likely, but there could be a bounce off the 0.618 fib level from wave 4 to 5 since wave 3 was so heavy. If there is enough of a rally there, the bots may kick in and start trading. 3113 sats
Last support will most likely be wave 2. Wave 2 is just above 2500 satoshis. This lines up with the 1:1 extension of B to C, so this will most likely be an incredibly heavy support.
Finally, this could just be some sideways action. It doesn't appear that a lot of people are trading ADA. No one has really been talking about it, the volume very consistent - trending down. I don't think this consistent downtrending volume would be any day traders - there is just not enough volatility to profit from. If volume does spike in ADA, we could see the end of the downtrend! Otherwise, I would keep an eye on these targets. Be careful out there!
P.S.
Everyone probably knows this already, but I just figured out that you can steal people's charts. If you click on it and you get that small window that you can't zoom in on / edit / etc. and you always get annoyed like I do, click on the "Share" icon (between the flag and the star) and there's an option to "Make It Mine". Once you click on that it will essentially copy the chart and you can edit it or take a deeper look at it like it is your own chart! That way, you can better follow targets and get a deeper look at things!
It is also useful if anyone sees different counts or different scenarios, I would be more than happy to know it! If there are flaws in my chart and someone wanted to correct me, that would be an easy way to do so. Plus it's just super useful.
Okay, happy trading!
So I attempted to see what was going on with this final ABC correction since it doesn't look like the wave 1 support held. On shorter time frames it looks like there was a rally, but it eventually broke. There just wasn't enough volume.
Since it failed, I tried to count out the waves of this ABC Correction. It is a little messy, but it looks like the counts are fitting! This coin is trading incredibly technically. It is bouncing off Fib regions like crazy. I expect this is because of bot trading - this is both good and bad!
It is good because we can get a feel for what the bots (also called "Algo Targets") are going for. It is bad, however, because they are much faster than any of us are. So if a region bounces and it runs, it runs hard and it runs quickly. If a region fails, it falls hard and it falls quickly.
Some possible Algo Targets we might shoot for are laid out in the chart.
Possible target 1:
1:1 Extension of B to C - 3012 sats
Possible target 2:
1:1 Extension of Wave 4 to 5 coming down - 2650
Possible target 3: Least likely, but there could be a bounce off the 0.618 fib level from wave 4 to 5 since wave 3 was so heavy. If there is enough of a rally there, the bots may kick in and start trading. 3113 sats
Last support will most likely be wave 2. Wave 2 is just above 2500 satoshis. This lines up with the 1:1 extension of B to C, so this will most likely be an incredibly heavy support.
Finally, this could just be some sideways action. It doesn't appear that a lot of people are trading ADA. No one has really been talking about it, the volume very consistent - trending down. I don't think this consistent downtrending volume would be any day traders - there is just not enough volatility to profit from. If volume does spike in ADA, we could see the end of the downtrend! Otherwise, I would keep an eye on these targets. Be careful out there!
P.S.
Everyone probably knows this already, but I just figured out that you can steal people's charts. If you click on it and you get that small window that you can't zoom in on / edit / etc. and you always get annoyed like I do, click on the "Share" icon (between the flag and the star) and there's an option to "Make It Mine". Once you click on that it will essentially copy the chart and you can edit it or take a deeper look at it like it is your own chart! That way, you can better follow targets and get a deeper look at things!
It is also useful if anyone sees different counts or different scenarios, I would be more than happy to know it! If there are flaws in my chart and someone wanted to correct me, that would be an easy way to do so. Plus it's just super useful.
Okay, happy trading!