In this chart you can find the reasons, why I think that Cardano will move soon. We built up a bottom trendline over the last couple of days. If we clone this trendline and put it on top of the last high, we can see, that the resulting channel would meet almost perfectly with a former high trendline (orange upper line) to build a double top.
We could also breakout below the lower purple trendline and continue the downtrend, but because of the hidden bullish divergence, a Doji candle and higher lows I´m more bullish than bearish. For trend confirmation it´s recommended to wait until the dotted purple line will break or until a candle fully closes beneath lower purple trendline. But you should also be careful for fake-breakouts below the lower trendline, since market makers often times know where people will enter their trades and where they set their stops.
My stop is at 1170 sat.
This is no trading advice and these are just my thoughts. It´s a high risk scenario, since we are in an overall sideways market with low volume. In these markets you should set your S/L very tight because price can jump very quickly if market makers enter.
We could also breakout below the lower purple trendline and continue the downtrend, but because of the hidden bullish divergence, a Doji candle and higher lows I´m more bullish than bearish. For trend confirmation it´s recommended to wait until the dotted purple line will break or until a candle fully closes beneath lower purple trendline. But you should also be careful for fake-breakouts below the lower trendline, since market makers often times know where people will enter their trades and where they set their stops.
My stop is at 1170 sat.
This is no trading advice and these are just my thoughts. It´s a high risk scenario, since we are in an overall sideways market with low volume. In these markets you should set your S/L very tight because price can jump very quickly if market makers enter.
Trade active:
Ok, we‘ve managed the first and important bounce from the lower trend line. That‘s promising! If this trend continues you should consider to raise your S/L limit to a the buy in price level to make this trade a break-even trade in the worst case.
Trade active:
We are well on our way so far. It‘s time to set S/L to breakeven (the buy in price) and make it a so called „free trade“ - no more worrying, just enjoying and hoping for the best. That’s the beauty of a successful trade. :-)
Trade active:
Will this be our final move up to the target? It looks promising! :-)
Comment:
Be cautious guys! BTC dropped quite seriously over the last 4hrs and could easily take all other alts down with it. Make sure that your S/L is set up.
Trade closed manually:
Ok guys, I made my decision and closed the trade to lock up my 20% gains (due to 10x leverage). BTC doesn‘t look good atm and I rather go safe on this one. No BTC, no party.. unfortunately! :/