Cardano Tracking Korean ADA/KRW on Upbit - NOT tracking ADA/BTC
Bitcoin price rose to $10,900, at the same time ADA dropped slightly. This is proof that ADA is simply tracking the ADA/KRW price on the Upbit exchange and since this price has stayed the same while Bitcoin rallied up slightly then ADA should be dropping in BTC terms slightly.
We are not in a BTC market with ADA, it's different to other alt coins. People do not understand this and I believe there is a lot of unnecessary panic selling as well as traders who are misreading technical indicators because they paniced when they saw ADA falling while BTC rising, assuming it was a very bearish signal- it's not.
If we look at the ADA/KRW chart, the only chart that really matters here- we can see ADA is already recovering since the beginning of Feburary. Since the Upbit exchange controls almost 80% of the exchange volume for ADA then it's in charge of price, not BTC. I believe we are actually no longer in a bear market at this point but actually in a flat re consolidation phase that will end when we get some more news, potentially the end of February.
Therefore I have changed my stance to bullish on ADA, but I'm bullish in $ (dollar) terms not in BTC price terms. If BTC drops 20% ADA will go up 20% but if BTC goes up 20% ADA will drop 20% because it's price is tracking Upbit's exchange price which doesn't seem to care about BTC price. If you believe Bitcoin is on the verge of a huge rally, then it's probably best to keep BTC for now otherwise It's not a terrible time to buy ADA.
Ignore the lines on the chart I forgot to update it.
We are not in a BTC market with ADA, it's different to other alt coins. People do not understand this and I believe there is a lot of unnecessary panic selling as well as traders who are misreading technical indicators because they paniced when they saw ADA falling while BTC rising, assuming it was a very bearish signal- it's not.
If we look at the ADA/KRW chart, the only chart that really matters here- we can see ADA is already recovering since the beginning of Feburary. Since the Upbit exchange controls almost 80% of the exchange volume for ADA then it's in charge of price, not BTC. I believe we are actually no longer in a bear market at this point but actually in a flat re consolidation phase that will end when we get some more news, potentially the end of February.
Therefore I have changed my stance to bullish on ADA, but I'm bullish in $ (dollar) terms not in BTC price terms. If BTC drops 20% ADA will go up 20% but if BTC goes up 20% ADA will drop 20% because it's price is tracking Upbit's exchange price which doesn't seem to care about BTC price. If you believe Bitcoin is on the verge of a huge rally, then it's probably best to keep BTC for now otherwise It's not a terrible time to buy ADA.
Ignore the lines on the chart I forgot to update it.