Hope everyone has had great easter break and spent time with their loved ones. Today we're looking at ADA/BTC pair. Trend line at times in the crypto currency space does not work as well as planned inclusive of the Fib areas as when these coins are being sold at vast majority we rarely see a bounce off from key levels.
However, we have seen a horizontal key structure level at 0.00003070 where we've seen a bounce on the Feb/24th. Right now we are in the no man land however in this daily chart we are seeing a squeeze formation to either give us 2 scenarios of:
- Buy opportunity if price above 0.00002508 and sell at 0.00003095
- Price dropping further 0.00001260 which will present us with another buy opportunity.
As always, trade with a plan and safe trading.
If you enjoyed this chart/analysis, please send me a PM and I’ll be glad to help you further.
Bitcoin will decide how this squeezed triangle will end !
seildev
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@CryptoJulio, At some point we may see less correlation between BTC and other coins..
thebeach
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to me this chart is a continuation triangle that points to .00001225 as a target if we breakout to the downside. You are absolutely correct to say we are in no mans land. The good news is ADA will break vs BTC in a rally but go up vs USD. So stay long BTC or ADA vs USD
edjunkmailbox
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I am caught in this trade . Shorted ADA at 2050 to see it go up .Whats ur thought ?
seildev
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@edjunkmailbox, Hi edjunkmailbox. Depends on your sizing/position of the trade. If it's uncomfortable then the size of the trade may have been too big. As soon as you have put on a trade you should treat it like it's already lost and it should make your life easier to deal with. Best of luck though !