A lot a traders & hodl-ers start to panic when the crypto asset they’re investing in stalls or dips for a few days or weeks, these same traders & hodl-ers fail to look at the bigger picture………. that ADA is still in a LONGTERM UPTREND.
Let’s look at this ADA daily chart which is more simpler than i normally post, to enable us to look at the LONGTERM OUTLOOK. I will try and keep this succinct so hopefully everyone can easily understand it.
FYI, I haven’t extended or added the extra resistance and support lines on the 2nd Pitchfork Pattern because i wanted to keep it neat & less messy.
On this daily chart, you can clearly see how far ADA has come, especially since March 2020. You would’ve got about ~9000% profit if you bought at the bottom in March 2020, held strong, and took profit at the top in March 2021. Power of hindsight can be painful, especially for those BTC maxis who didn’t diversify, because BTC has only done about ~1500% since March 2020 - March 2021. ~1500% is not to be sniffed at, but it’s not even close to ADA’s level.
As you can see, ADA is above its 1st Pitchfork Median Line. FYI, that line, is going upwards.
ADA has however, dropped below its 2nd Pitchfork Median Line.
At the time of typing this, ADA had found support at the upper Yellow Support Line from the 1st Longterm Pitchfork but it has just dropped below it, so hopefully we can close this daily candle back above it.
ADA is a really good distance away from its 1st Pitchfork Median Line and even further away from its 1st Pitchfork Hagopian Line. I really we do not want to cross back under the 1st Pitchfork Pattern Median Line.
ADA is also a good distance away from its 2nd Pitchfork Hagopian line which we certainly do not want to cross back under.
I have added an RSI to this chart, so we can see what the momentum is like. If you look at the RSI on this daily chart, you can clearly see that ADA is NOT overbought and NOT oversold.
So what does this chart tell us??? It tells us that ADA is in a longterm uptrend…… Now. Contrary to popular belief, an uptrend doesn’t mean that the asset continues going up 24/7 365 days year. No! In a LONGTERM UPTREND, there are periods of PROFIT TAKING, CONSOLIDATION, the asset being OVERBOUGHT & OVEREXTENDED ‘which ADA is neither’ and also… just traders focusing their money on other crypto assets for a while…. It happens.
Looking at this longterm chart, even if ‘hypothetically speaking’ ADA dropped to its 1st Pitchfork Median Line, so long as it closed a daily candle back above it, it would still be considered a LONGTERM UPTREND. And even then, it would need to cross under and stay below its 2nd Pitchfork Hagopian Line which i seriously doubt it’ll do.
For me, for the longterm, ADA is looking fantastic and any dip should be used to accumulate more before the next rise. I hope you have found this is helpful for your trading & hold-ing. 🙏
Let’s look at this ADA daily chart which is more simpler than i normally post, to enable us to look at the LONGTERM OUTLOOK. I will try and keep this succinct so hopefully everyone can easily understand it.
FYI, I haven’t extended or added the extra resistance and support lines on the 2nd Pitchfork Pattern because i wanted to keep it neat & less messy.
On this daily chart, you can clearly see how far ADA has come, especially since March 2020. You would’ve got about ~9000% profit if you bought at the bottom in March 2020, held strong, and took profit at the top in March 2021. Power of hindsight can be painful, especially for those BTC maxis who didn’t diversify, because BTC has only done about ~1500% since March 2020 - March 2021. ~1500% is not to be sniffed at, but it’s not even close to ADA’s level.
As you can see, ADA is above its 1st Pitchfork Median Line. FYI, that line, is going upwards.
ADA has however, dropped below its 2nd Pitchfork Median Line.
At the time of typing this, ADA had found support at the upper Yellow Support Line from the 1st Longterm Pitchfork but it has just dropped below it, so hopefully we can close this daily candle back above it.
ADA is a really good distance away from its 1st Pitchfork Median Line and even further away from its 1st Pitchfork Hagopian Line. I really we do not want to cross back under the 1st Pitchfork Pattern Median Line.
ADA is also a good distance away from its 2nd Pitchfork Hagopian line which we certainly do not want to cross back under.
I have added an RSI to this chart, so we can see what the momentum is like. If you look at the RSI on this daily chart, you can clearly see that ADA is NOT overbought and NOT oversold.
So what does this chart tell us??? It tells us that ADA is in a longterm uptrend…… Now. Contrary to popular belief, an uptrend doesn’t mean that the asset continues going up 24/7 365 days year. No! In a LONGTERM UPTREND, there are periods of PROFIT TAKING, CONSOLIDATION, the asset being OVERBOUGHT & OVEREXTENDED ‘which ADA is neither’ and also… just traders focusing their money on other crypto assets for a while…. It happens.
Looking at this longterm chart, even if ‘hypothetically speaking’ ADA dropped to its 1st Pitchfork Median Line, so long as it closed a daily candle back above it, it would still be considered a LONGTERM UPTREND. And even then, it would need to cross under and stay below its 2nd Pitchfork Hagopian Line which i seriously doubt it’ll do.
For me, for the longterm, ADA is looking fantastic and any dip should be used to accumulate more before the next rise. I hope you have found this is helpful for your trading & hold-ing. 🙏
Comment:
The dodgy sentence above "I really we do not want to cross back under the 1st Pitchfork Pattern Median Line" should say " Ideally, we do not want to cross back under the 1st Pitchfork Pattern Median Line".