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ADA Potential Breakout | 184% Return!

BINANCE:ADABTC   Cardano / Bitcoin
Bullish Indicators

- Ichimoku bullish crossover of 9 and 26 Moving Average below cloud (weak), ADA heading towards breaking out of cloud and confirming breakout (Not yet confirmed)
- Broke out of 3083 Satoshi resistance and testing it as support
- MACD looks like it's crossing over to the bullish side
- Trade Volume is very high, can be enough to push ADA over the Ichimoku cloud

Bearish Indicators

- RSI in oversold region and is turning down suggesting a retrace (relatively small retrace)
- Bearish Inverse hammer candle | If candle closes red and the next candle is red also, this confirms retrace

Possible Scenarios
1) 3083 Satoshi level tested and confirmed as support, ADA breaks cloud and breakout up is confirmed
2) 3083 Satoshi level tested and fails as support, ADA retraces to 2467 Satoshi support level , confirms support and reverses to form uptrend
3) 3083 Satoshi level tested and fails as support, ADA retraces to 2467 Satoshi support level , fails as support and continues downward movement

Trading Strategy
To buy this coin, wait for breakout to be confirmed above the cloud. Take profit at targets shown by light blue lines. Sell if Moving Averages have a bearish crossover. (I will update this Analysis as this occurs)
To short this coin, wait for 3083 Satoshi support to be broken, wait for next candle to be red and then short. End short at just over the 2467 Satoshi level. If further breakdown occurs, short and end short at around 1870 Satoshi where ADA bottomed.

Set your stop loss accordingly.

Any comments or messages will be much appreciated. If you want me to do some technical analysis on any other coin, please let me know!

BTC donation wallet address : 17xaafCmrBj3TL4rXNczuuM1MuvEGwX6XJ
LTC donation wallet address : LNDYMjUEJqo1EuexEbTX6E157tZDBGqtgR

I am not a financial adviser, please trade at your own risk.
Comment: It looks like today may end with a green candle, if we do then the 3083 sat support level is confirmed and we should be making our way to break the cloud soon.
Comment: We have failed to break the cloud at this moment as we also ran into 100 MA resistance. There is some support at the current price at around 3175 satoshi. If we hold this level it will be good as RSI is no longer in the overbought region and we have plenty of space for bullish action. Alternatively, if we do not hold, 3083 will be the next support to be tested.
Comment: We have broken the Ichimoku cloud. If today closes above it, the breakout is confirmed and we should see a nice climb.
Comment: Cardano Breakout Confirmed! Get ready for the first target!

Comments

We have broken the Ichimoku cloud. If today closes above it, the breakout is confirmed and we should see a nice climb.
Reply
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