ADA/BTC Just bounced off .786 fib retrace of its entire market move upwards.
The volume is really weak in comparison to the start of the rally, so it does not look too promising, however with such a long downtrend, we may see it retrace upwards for a bit, how far is the real question.
The red lines indicate classic resistances and possible spots to pump to.
The biggest thing I would watch for is a retrace of this bounce into a consolidation period or a massive volume increase to establish bullish momentum.
I would not make any quick decisions as BTC is still not in the clear, and general market looking bearish. Best case scenario is to see what happens in a couple days and see if this was a bull trap or a possible start of a new cycle.
The volume is really weak in comparison to the start of the rally, so it does not look too promising, however with such a long downtrend, we may see it retrace upwards for a bit, how far is the real question.
The red lines indicate classic resistances and possible spots to pump to.
The biggest thing I would watch for is a retrace of this bounce into a consolidation period or a massive volume increase to establish bullish momentum.
I would not make any quick decisions as BTC is still not in the clear, and general market looking bearish. Best case scenario is to see what happens in a couple days and see if this was a bull trap or a possible start of a new cycle.