Trader_TJ
Long

$ADA #CARDANO - DOWNTREND - finally ending NOW???

BITTREX:ADABTC   Cardano / Bitcoin
Hello Lads and Ladies,

For todays TA we are looking into ADABTC once again. As you may know, I am trading it for quite a long time, because it has a nice predictable volatility .

We have seen a very big breakout going up to 4185 satoshi after which ADABTC has been in a very hard and steady downtrend. It has found its bottom as I have been saying at 2400 satoshi. From there on it has broke the steep downtrend and went up almost over 30% to its previous support and resistance line at 3000 satoshi. From there on it continued a downtrend to its intermediate support at 2650, from where on it was supposed to be heading towards the big resistance line and maybe even break the trend by doing so. Nevertheless, the whole market was taking a big hit during that time what caused ADABTC to fall down to its previous support of 2400 satoshi.

The market pushed it even under the very strong support of 2400 so directly afterwards it bounced up to the 2650 support line, it was supposed stay at before. Nevertheless, by touching this support and ALSO the downtrend resistance, as well as not having enough momentum and volume to continue pushing through the downtrend resistance, it got rejected there and fell down to the 2400 satoshi support. Doing this, it seems to be forming a double bottom and since it is very near to the end of the downtrend resistance it should have it very easy to break it and to at least spike to the region of 2650 -2800 satoshi.

ANYHOW, you should never forget that there still is the possibility of ADABTC getting rejected again and continuing its downtrend towards thee next support of 2200 satoshi. That is the reason why I have put only 5x leverage long on ADA while writing this article.
Although, if you take the lows into consideration, we see higher getting lows and lower getting highs. This all coming together at this one point right now. If everything goes well, we should see a nice spike.

In addition to that, there are once again good news about Cardano, even people asking about it hitting $10 by the end of this year. I am pretty bullish on this one and as I remember trading ADABTC this is a very exciting point.


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Cheers, Tomas
Trade active: The big candle down was NOT a natural movement, it was caused by the bithumb FUD so I am still very bullish on this one and keep my position open
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Reply
Thanks for the update.
I have a nice position on cardano and I can't wait to see this going up
+1 Reply
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