$ADA [1W]: Longterm mania phase expected
Updated: Sep 15, 2021
The Alonzo hardfork is scheduled for September 12th after which smart contracts will be available on the Cardano mainnet.
The analysis below on $ADA outlines three possible trajectories for the price action to come within the green channel in which the price is ranging up. Feel free to outline your own less or more optimistic extensions within this channel. Key points are that after the hardfork price is likely to retrace and that bull market high is expected at EOY '21.
The two following Fibonacci retracement/extension levels are distinguished:
Macro: 2018-2020 bear market high to low
Micro: 2021 bull market III-IV corrective wave high to low
Note that when the extension levels of macro and micro coincide, e.g. $5 and $22, these are more likely to act as heavy resistance/support levels as both long and short term traders are likely to take (some) profits at these levels.
Tip: in the tradingview chart you can press the play button, to see how price evolved after this analysis was made.