$ADA is it expensive right now?
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One thing i don't like seeing on my securities is too good situations.
News about Cardano are great with its value locked situation is being spiked up since April as well as news about whales pulling in and analysts mooning it out.
However, no security go in one direction, and actions speak louder than words. That's why we technical analyze our securities, don't we?
On daily chart, momentums are spiked up and shows overbought signals.
Momentum is far from 0 level and turned downside(following the candlestick), RSI is over 70, stochastic is breaking its %D
RSI shows divergence; price made higher high and RSI is going downwards. The volume is decreasing, too.
In contrast, 3 hours left until the day is over and so far all we have is one long lower shadow near the support line. On the book, this is an indication of trend reversal and in this case, end of its mini retracement. (oh, keep in mind that the candlestick is red.)
My fib's 0.618 line points $0.4740 at me and says "shhh, there is time."
As I said, I don't like too good situations. I see this security as being abnormal right now, and I want to see a strong retracement. One thing I'm keeping an eye on is the long/short ratio. Long lovers haven't showed themselves yet and in fact, leverage market of ADA is calm right now. Therefore, I do not see the market looking for fuel on lower levels just yet.
If the new day opens white and brings a higher high, I am going to start analyzing shorter time frames and analyze 4 hour and 1 hour charts. I am not at a point where I want square my position, but I also don't want to add to my position either.
If, at this level, ADA starts consolidating and creates a sideway range, below 0.5948 will be my stop level.
! Imagination Alert !
If the price test 0.5552, goes back over 0.024, and comes back to 0.0555 what would we have? A shoulder, a head, and a shoulder, than after a little confirmation, short time!
I like trading ADA, and I want to see it moving properly, not spiky. For now, I'm just watching and looking for a sweet spot.
-this is not a financial advice at all-
News about Cardano are great with its value locked situation is being spiked up since April as well as news about whales pulling in and analysts mooning it out.
However, no security go in one direction, and actions speak louder than words. That's why we technical analyze our securities, don't we?
On daily chart, momentums are spiked up and shows overbought signals.
Momentum is far from 0 level and turned downside(following the candlestick), RSI is over 70, stochastic is breaking its %D
RSI shows divergence; price made higher high and RSI is going downwards. The volume is decreasing, too.
In contrast, 3 hours left until the day is over and so far all we have is one long lower shadow near the support line. On the book, this is an indication of trend reversal and in this case, end of its mini retracement. (oh, keep in mind that the candlestick is red.)
My fib's 0.618 line points $0.4740 at me and says "shhh, there is time."
As I said, I don't like too good situations. I see this security as being abnormal right now, and I want to see a strong retracement. One thing I'm keeping an eye on is the long/short ratio. Long lovers haven't showed themselves yet and in fact, leverage market of ADA is calm right now. Therefore, I do not see the market looking for fuel on lower levels just yet.
If the new day opens white and brings a higher high, I am going to start analyzing shorter time frames and analyze 4 hour and 1 hour charts. I am not at a point where I want square my position, but I also don't want to add to my position either.
If, at this level, ADA starts consolidating and creates a sideway range, below 0.5948 will be my stop level.
! Imagination Alert !
If the price test 0.5552, goes back over 0.024, and comes back to 0.0555 what would we have? A shoulder, a head, and a shoulder, than after a little confirmation, short time!
I like trading ADA, and I want to see it moving properly, not spiky. For now, I'm just watching and looking for a sweet spot.
-this is not a financial advice at all-
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