I've been learning a lot more about ADA lately and I like what I'm hearing a lot. I would like to enter a position, and I'm trying to figure out when is a good time. Overall, ADA's price tracks similarly to the overall market right now, so as the market goes ADA will go. That aside, I started to see if I could project a little further into the future with this idea. Here's what I saw:
- The downward motion hits some standard channels, with some repeating pull-backs. Based on the current channel position, it looks like ADA will start to drift up over the next 2.5 days, but I'd be surprised if it rose significantly.
- This modest rise will be followed by a sharper drop of about 10-15% percent by mid next-week.
- After this, the triangle will close with a slight further drop.
After that--I've no theories. Anyone see something I missed? Would be excited to see if anyone with wave pattern experience sees something in this chart.
As an after-thought, I do expect ADA to be a long-term winner in this market. There's been some good news about Cardano-based DApps lately, however that's future price action.
- The downward motion hits some standard channels, with some repeating pull-backs. Based on the current channel position, it looks like ADA will start to drift up over the next 2.5 days, but I'd be surprised if it rose significantly.
- This modest rise will be followed by a sharper drop of about 10-15% percent by mid next-week.
- After this, the triangle will close with a slight further drop.
After that--I've no theories. Anyone see something I missed? Would be excited to see if anyone with wave pattern experience sees something in this chart.
As an after-thought, I do expect ADA to be a long-term winner in this market. There's been some good news about Cardano-based DApps lately, however that's future price action.
The big lesson on this forecast is that I wasn't reconciling the effect that ETH & BTC reversals would have on this coin (identified in another idea). I was looking at each coin as an isolated market, when in truth (obvious in hindsight) they're all significantly effected by the rise and fall of those two coins.