Cardano

CB Pro - Delaying The Inevitable For ADA?

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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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