ADAUSD Double Bottom Play for Reversal

4 мар. 2022 г.

Important things to note:

I am going to start posting my main market overview in a BTC chart instead of cramming everything into an ADA chart.
I will be posting alt charts throughout the week (this just makes sense structurally).
BTC looks rather good from every angle (on chain, technically, and in the macro space).
I bet in early Feb that BTC was going to 53k in March and here we are so that is what I am expecting.
Not only is volume going up for BTC but alts in general.
ADA has gotten beaten down for some time and nothing lasts forever.
ADA has not seen a substantial increase in volume.
ADA is sitting at last support before a drop to next support.
A bullish scenario would be a retest of support (on going currently) and a reversal.
This retest will tell us a lot about the market level of ADA.

Hey everyone, I'm back! A lot of you have been wondering where I have been so let me update you. I have been spending my time in both crypto and tradfi, trading derivatives aggressively with friends primarily. The volatility has been high so February was the time to harvest some sweet premium. People that have reached out to me in the month that I wasn't updating knew I was still here watching the charts. I really didn't see much need to update anything other than saying buy everything you can, which I have been doing as you are all aware. I do not have much time so I am going to change things up a bit. I will be posting my main market overviews on a BTC chart from here on out because that just makes more sense. I will be posting my alt charts throughout the week including ADA. I have to admit though, getting a chart taken down for mentioning something I am trying to put together to help you guys really soured me when it comes to putting out charts on TV. Especially considering I put a lot of thought and effort into this with the limited time I have. Hope you understand.

The market and ADA - BTC looks great on chain, technically, and has found its place in a harsh macro environment. This was proven by the fact that it held at a very important level. Supply is great and since the only thing we were lacking was demand, the fact that volume has been increasing is a good thing. I can also see the bid sizes looking very healthy. I had BTC pegged in early FEB for a double bottom reversal and a 53k target in March. We got the first part and now waiting on the run to 53k, flipping sentiment. ADA has had a rough go of things as of late. Every time it has found support, it has gotten beat down tremendously. It is currently sitting at the last support before a fall to 45 cents with a brief retest of 75 cents. This next retest of support is important. Mostly because it will determine if ADA can reverse course or fall to the next range (45 cents). Since I believe the BTC reversal is upon us, obviously I think this retest will end up in a double bottom, and a slow grind upwards until alt season hits. This will cause ADA to range primarily until the bit jump up, which will likely be just as fast as the last. A lot of the price action has to do with the fundamentals of a slow growing chain, fortunately or unfortunately depending on how you look at it. Thanks again everyone!

So, tell me what you think!

This is not financial advice. Do your own due diligence.