Cardano (ADA) Corrective Wave, (Quick Trade Idea)
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While North America slept, Asia was busy taking profits after our insane short term bull run. ADA has currently shown what appears to be a head and shoulders pattern in the 4 hour chart and we are currently holding the 2900-3000 satoshi support.
Signals:
-Head and shoulders after a relatively long bullish trend
-Bearish RSI divergeance
-Lack of volume & long legged doji candlestick. signaling indecision.
-BTC Dominance rose to 39% as of 11:09 EDT, likely caused by quick BTC drop from the 9.3k levels all the way to 8.8k, meaning alts with lack of stable fiat pairs will suffer.
How to trade
- Sell at if a candle closes below the 3000 satoshi support level
- Note that if ADA breaks under support levels, we will likely see that as the next resistance.
Buying points
2600-2780 satoshi range, where previous support has been shown
2400-2500 satoshi level (Strong buy, I currently believe it is unlikely for us to reach that low)
Sell Stop
If you choose to use a sell stop, place it slightly under each support level. I know many of you are holding for the long term so it will be your decision.
Quick Trade Idea
If ADA drops 5% under a support line, we will likely see the next candle be a green one, that closes just under the support line. This idea can be used if ADA breaks under the 3000 satoshi mark for a quick 1-5% profit, but you will need to catch the opportunity.
Please criticize my TA's so I can improve. Thank's for reading!
Signals:
-Head and shoulders after a relatively long bullish trend
-Bearish RSI divergeance
-Lack of volume & long legged doji candlestick. signaling indecision.
-BTC Dominance rose to 39% as of 11:09 EDT, likely caused by quick BTC drop from the 9.3k levels all the way to 8.8k, meaning alts with lack of stable fiat pairs will suffer.
How to trade
- Sell at if a candle closes below the 3000 satoshi support level
- Note that if ADA breaks under support levels, we will likely see that as the next resistance.
Buying points
2600-2780 satoshi range, where previous support has been shown
2400-2500 satoshi level (Strong buy, I currently believe it is unlikely for us to reach that low)
Sell Stop
If you choose to use a sell stop, place it slightly under each support level. I know many of you are holding for the long term so it will be your decision.
Quick Trade Idea
If ADA drops 5% under a support line, we will likely see the next candle be a green one, that closes just under the support line. This idea can be used if ADA breaks under the 3000 satoshi mark for a quick 1-5% profit, but you will need to catch the opportunity.
Please criticize my TA's so I can improve. Thank's for reading!
Note
Currently testing the cloud againNote
ADA launches two test nets this week, probably why it increased so much.Trade fermée: cible de profit atteinte
We more than broke through the 3.4k sat target range. This has been a pretty profitable trade.You guys might want to hold cause it currently seems pretty strong rn.
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