ADA/BTC may drop further before rise

This is a follow up to our last Cardano idea that busted.

So, without further ado, let's check out what's going on:

As one can see above, Cardano is still in the midst of its traded range.

We called a short on this before from 1200 with a really tight S/L on it (-2.38%), but that S/L ended up getting busted the same day, unfortunately.

We were looking at a tight S/L on this trade due to the x10 leverage on BitMex.

As we scroll in a bit further to examine the traded range that Cardano (ADA/BTC) is currently in on the daily resolution, it appears as though the price is headed for the 1100 sat support.

Relative Strength Index(14)

The divergence between the RSI(14) and the price action is definitely noticeable on the daily resolution. This could definitely be a sign of impending positive price action for Cardano.

Exponential Moving Averages (Daily Resolution)

Zerononcense Reversion Ribbon V2 (Custom)

The reversion ribbon is signaling weak selling action, which defends our assumption of a potential retest at the 1100 sats.

Zerononcense Price Bands

The Zerononcese Price Bands also confirm our assumptions regarding ADA/BTC price action as well.

Conclusion

Based on everything that we're seeing, the proposed R/R is as follows:

Trade closed: target reached:

Target reached successfully...On the nose.

Thanks for following, guys!