$ADA - After 700% rally expecting at least a 50% correction
ADA had an extraordinary run of 700+% in the last few months, which I think is over now or almost. 5 waves (blue) appear to be done and we are now in the 5th wave (red) of the last wave.
I can see RSI bearish divergence and volume declining while price make new highs, this is another confirmation between 3rd wave and 5th wave
Typical emotion in the 5th of the 5th is complacency and euphoria, so be careful, take profits or move up your stop loss
I'm expecting a minimum drop to 0.382Fib (50%) and then to 0.5 - 0.618 Fib red zone
Divergences are all over the place
I can see RSI bearish divergence and volume declining while price make new highs, this is another confirmation between 3rd wave and 5th wave
Typical emotion in the 5th of the 5th is complacency and euphoria, so be careful, take profits or move up your stop loss
I'm expecting a minimum drop to 0.382Fib (50%) and then to 0.5 - 0.618 Fib red zone
Divergences are all over the place
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Price got rejected from the channel and RSI also losing momentum
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2nd confirmation and now supports are flipping to resistance. Expect further drop
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30% drop since this was posted, RSI in a downtrend as well
Breaking the upwards channel was the key, notice how RSI got rejected (red arrow) from the consolidation box which acted as support before
Breaking the upwards channel was the key, notice how RSI got rejected (red arrow) from the consolidation box which acted as support before
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Expected 50% correction. Got it! Hope this helped
Bearish confirmation only after price breaks channel