As an ADA holder, and someone who is general long on Cardano... I have loved the CB Pro hype. But I'm also worried that it's only going to delay the inevitable pull back from this last major run.
Let's break down the 1 week candles.
PAST
The run that started last March (2020) ended in ADA being overbought for 77 days.
As expected with an overbought stock/crypto - the price proceeded to correct.
Price dropped down 46% and hit the .382 fib retracement line
PRESENT
The run that started in November 2020 has yet to have a major pull back
During that run ADA has been overbought for 91 days
The Stochastic RSI started to tick down (as expected)
THEN THE CB Pro news drops and we get a major pump
ADA still flirting in the overbought range... could still see a drop
I'm worried that the CB Pro pump is going to give a false sense of security and we are still in for a bit of a correction. Maybe the CB Pro pump means the correction won't be as sever, but I don't think we are out of the woods yet. I would love to be proven wrong... but I would also love for ADA to go on discount and pick up some cheap coin!
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Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.