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ADAUSDT 12/1/2020

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Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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Elliot Wave Price Forecast
I think, ADA has a good Risk/Reward. A potential 100% gain on spot trade but be careful on what Bitcoin will do. I think the first two weeks of December 2020 is a green weeks while the 3rd and 4th week is a potential profit taking before Christmas and New Year. Last week, ADA has dumped by 39% while Bitcoin dumped by 17%. Right now, it recover the losses and makes the weekly closed on a bullish spinning top candle which means there is a lot of buyers willing to take the risk. If Bitcoin pump further to 21K or even to 25K, I think ADA will follow after or pumps together with Bitcoin. I think ADA is still on a larger wave 1 while Bitcoin is in a larger wave 3. So, if everything is fine, this coin may outperform Bitcoin in terms of gains in the future.

1W
After 5 days of pumping hard, ADA has give a very heavy pullback to EMA 21 in weekly time frame. I think in the succeeding weeks, I may no longer test EMA 9 or EMA 21 considering that solid dump of 39% last week then making a bullish spinning top. There is a higher probability that ADA is ready for uptrend. There is Hidden Bullish Divergence on RSI, Stoch RSI and MACD