Last week I made a quick update on ADA as it was setting up for a test of $0.50. Before we went into this bull market cycle I normally would utilize more tools to make analysis's. If you were involved in the 2017 cycle then you'll remember that indicators such as RSI and MACD became LESS reliable as we broke new highs.
That said, I'm not saying that indicators aren't useful but that with the constant momentum etc it's useful to fall back on the old saying "Less is More". Just because the RSI shows that we are overbought doesn't mean the move is completed.
Remember, these big moves take days to complete. People will take profit, the price will dip, and it'll be bought up and the price will move even higher before any significant pullback.
Things to look at:
- Volume is on the Bulls side, we have a strong break of $0.40 and briefly touched $0.46. Keep tabs on the Volume as we push up further.
- As I mentioned earlier, the other indicators such as RSI and MACD won't be nearly as reliable in indicating momentum shifts so keep tabs on the Volume and anything that will affect fundamentals.
What to expect:
- Resistance at $0.50
- With BTC ranging in the low-mid $30ks and Alts moving up, we'll see the money start flowing between each.
- Tax Season is starting soon in the U.S and regulators could put a damper on things but it'll only be temporary.
See you all on Mars
That said, I'm not saying that indicators aren't useful but that with the constant momentum etc it's useful to fall back on the old saying "Less is More". Just because the RSI shows that we are overbought doesn't mean the move is completed.
Remember, these big moves take days to complete. People will take profit, the price will dip, and it'll be bought up and the price will move even higher before any significant pullback.
Things to look at:
- Volume is on the Bulls side, we have a strong break of $0.40 and briefly touched $0.46. Keep tabs on the Volume as we push up further.
- As I mentioned earlier, the other indicators such as RSI and MACD won't be nearly as reliable in indicating momentum shifts so keep tabs on the Volume and anything that will affect fundamentals.
What to expect:
- Resistance at $0.50
- With BTC ranging in the low-mid $30ks and Alts moving up, we'll see the money start flowing between each.
- Tax Season is starting soon in the U.S and regulators could put a damper on things but it'll only be temporary.
See you all on Mars
Comment:
Target of $0.50 has been hit. Expect a pullback next week or so to $0.45 before continuing the push upwards.