Hey gang,
I present the current status of ADA to BTC:
Disclaimer: This is not financial advice and should not be taken as such. I am simply a tasty bowl of pasta that has a thing for drawing strange objects on charts.
From the rally ADA recently had to it's peak around 1942 sats the price has corrected quite a bit. There seems to be a lot of algo activity because the trading is very technical. In the center we can observe that there was a dump right to the golden ratio of 61.8 (the hard wick) where price immediately bounced back from. The hard wick may not be visible so I placed an aqua colored box where it hit the fib. It looks like a bot is shorting down back to around that same level at the -23.6 fib in the Reload Zone. Price is currently trading within a channel which could lead down to said level for a long entry. Market structure seems to point to said level as well creating a nice area of confluence for a potential area where price may end up in in the near term.
Here is another image with some nifty indicators for those of you who can't live without them:
Keep in mind bots will stay short until they hit their targets. Bots are emotionless so it's probable that we could revisit the Reload Zone. Otherwise, we will continue the uptrend considering the Shelley release coming soon decentralizing the Cardano protocol as well as having staking pools made available. We'll find out which way price decides to go to very soon.
Find out more at the Cardano Wiki: http://cardanowiki.info/
Stay profitable.