Okey, my friends!! Even if you are fan number 1 from ADA, Cardano or Charles Hoskinson, stay away from ADA right now! Chart analysis is reaaaaaally simple at this moment. Nothing more, nothing less: 1. 0.78 FIBONACCI level is broken. 2. Psychological level from 2.000 satoshis is broken. I like Cardano and it's project, but in a short term ADA is NOT going "to the moon"! I will re-buy a lot of coins, but not now!!! Purple lines are probaly the next "Binance" support levels...
Take care and remember: ADA is going to the moon, but not yet...
and now what's your opinion ? downtrend will continue ?
bbgoch
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@CryptoJulio, ADA is still in a downtrend. If the red line is broken with a big green candlestick, it could be an opportunity to buy. But... uptrend is not confirmed until FIB. 0.78 level is broken and stablished (above 2500 satoshis).
If you used my recommendation, you should have sold at around 1970 satoshis and re-bought at around 1750.
Above 2000 satoshis is an important psychological level (NOT BAD TO BUY), but remember ADA is still under 0.78 FIB. leve!!!!! Be careful!!!
CryptoJulio
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@bbgoch, Yeah I understand the donwtrend.
Ok for the Fib, but I have noticed the dip was exactly one of the first ATH back to 2017 at 1688 satoshis. It seems to act as a strong support, so Fib levels may not be so critical here.
On the ADABTC chart I don't see any big green candle confirming the breakout, I agree. But look at the ADAUSDT chart, there is two huge green candle on the daily chart ! Have a look ! It's not nothing, what you think ?
bbgoch
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@CryptoJulio, Well, do you want dollars or do you want BTC???? If you want to trade, first you have to know what you want. Personally, I want as much BTC as is I can get. I don't care if BTC is 8000 dollars or 15.000. In a looong term, BTC will be much valuable as it is now (I want to think so!!), so I only trade to get as much BTC as possible. It's possible to win a lot of money losing also a lot of BTC, but, in my opinion, it's not a good idea. Try to win as much BTC as you can and forget about the dollars!!
CryptoJulio
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yeah it make sense. I'm here for the long term and I believe in what cryptos can bring to the world. It's a bit hard to completely forget about fiat money, but you are right, we should focus on the new economic system that is taking shape :)
CryptoJulio
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Also, for the moment, FIAT does still exist, and people use it to buy crypto. USDT is not a real fiat as you know, anyway it is a part of market structure of ADA, and give some signals about the buy and sell balance, I think :)
CryptoJulio
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@bbgoch, I have just checked coinmarketcap, BTC is only 20% of the market structure of ADA. The main part is from correan fiat, and no chart available for this...