Cardano - ADA Holders Buckle UP!
CARDANO - ADA
Daily TF
We are currently and barely holding the 21 Daily SMA. If this will break we can all expect more to the downside. Checking the S&R and Fibonacci, the green zone area are possible market interest. While the yellow zone will be the golden pocket of a Fibonacci retracement, that is considered as a very strong support.
Just like what I mentioned on my previous blog, I sold all my wife's ADA :D
Based on that analysis, we saw these things coming. Scaling in on the downtrend perhaps might be a good strategy while we are still in the bull market. While others may wait patiently on the sideline for reversal confirmation. We don't want to catch a falling knife.
So far there 's no major Red Alert that may cause major panic in the market, though in the Dollar Index already broke this falling wedge or downward pennant, a bullish indicator and sign of reversal to the upside. What this means, Stonks and other markets like Crypto might feel the hit.
DXY
As what we showed the Inverse correlation between the two, Cardano (ADA) is not exempted with this kind of move. For the past weeks, we all saw the strength of ADA despite Bitcoin and the rest of the Alts are going down, it stood its ground but now that the News of Cardano's Hardfork is over we may now all feel the hit.
As for me, I'm ready to fill my bags since we went back to cash. Let's all learn to take profit in times and utilize the market movements.
Part 1 Analysis:
https://steemit.com/steemitph/@henrymac/i-sold-all-my-cardano-ada-and-this-is-the-reason-why
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