Here is a perspective that is reasonably likely where ADA could move in waves as it did in the first quarter of the bull market. The chart in the first quarterly has seen to have 3 major spikes before coming back down to the strong level of support which is non other than the Golden pocket, as well as a phycological level of at $1. the following point of confluence will be discussed in the lines to follow.
If you have done any basic theoretical learning on markets whether it be books, videos or courses the topic will arise around the fact that the markets are cyclical or repetitive to a certain extent, and it couldn't be any more agree-able as this example i have portrayed as a possible repetition is an example of such.
In the first quarter of the bull market it was seen that every month after February there was a peak to a level of resistance at around $1.48, before retracing back down to the key support explained above ($1). Therefore it is clear now that the first quarter was one long and volatile consolidation phase before the breakout leading into the next quarter of the bull market. Could it be possible that the same is happening in this quarter but rather with a larger area of consolidation before the next level is introduced which is possible will occur once smart contracts are released which coincidentally is about 90 days from now which gives the market 3 months before this event happens.. sound familiar to you? the first phase of the bull market was around 3 months of consolidation with 3 peaks. Is it possible that the same situation will repeat it self in this phase of the market? possibly but time will only tell.
1) Golden pocket: I have drawn a Fibonacci retracement from the beginning of the year up until the all time high and conveniently the pocket lays around the $1 level which happens to have the most support and resistance as well as being a huge phycological level of support and resistance, two birds with one stone I would say. Therefore I do not think this level will be broken and kept very easily and if so, i would have a slightly increased backing that the bull market is at an end for this year. Until that time i am still very bullish for this year and even more for the years to come.
If you have done any basic theoretical learning on markets whether it be books, videos or courses the topic will arise around the fact that the markets are cyclical or repetitive to a certain extent, and it couldn't be any more agree-able as this example i have portrayed as a possible repetition is an example of such.
In the first quarter of the bull market it was seen that every month after February there was a peak to a level of resistance at around $1.48, before retracing back down to the key support explained above ($1). Therefore it is clear now that the first quarter was one long and volatile consolidation phase before the breakout leading into the next quarter of the bull market. Could it be possible that the same is happening in this quarter but rather with a larger area of consolidation before the next level is introduced which is possible will occur once smart contracts are released which coincidentally is about 90 days from now which gives the market 3 months before this event happens.. sound familiar to you? the first phase of the bull market was around 3 months of consolidation with 3 peaks. Is it possible that the same situation will repeat it self in this phase of the market? possibly but time will only tell.
1) Golden pocket: I have drawn a Fibonacci retracement from the beginning of the year up until the all time high and conveniently the pocket lays around the $1 level which happens to have the most support and resistance as well as being a huge phycological level of support and resistance, two birds with one stone I would say. Therefore I do not think this level will be broken and kept very easily and if so, i would have a slightly increased backing that the bull market is at an end for this year. Until that time i am still very bullish for this year and even more for the years to come.