As an ADA holder, and someone who is general long on Cardano... I have loved the CB Pro hype. But I'm also worried that it's only going to delay the inevitable pull back from this last major run.
Let's break down the 1 week candles.
PAST
- The run that started last March (2020) ended in ADA being overbought for 77 days.
- As expected with an overbought stock/crypto - the price proceeded to correct.
- Price dropped down 46% and hit the .382 fib retracement line
PRESENT
- The run that started in November 2020 has yet to have a major pull back
- During that run ADA has been overbought for 91 days
- The Stochastic RSI started to tick down (as expected)
- THEN THE CB Pro news drops and we get a major pump
- ADA still flirting in the overbought range... could still see a drop
I'm worried that the CB Pro pump is going to give a false sense of security and we are still in for a bit of a correction. Maybe the CB Pro pump means the correction won't be as sever, but I don't think we are out of the woods yet. I would love to be proven wrong... but I would also love for ADA to go on discount and pick up some cheap coin!