ADA - Cardano - A tale of two moving averages
Not financial advice. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
There are two charts posted above so I apologize for the confusion this may cause. I'll post each individual chart below for easier viewing. There are a few things I want to point out on this chart.
1. We're looking at the daily chart on both charts above. The chart on the left shows the 50 and 200 moving averages. We can see that we came close to a bullish cross but were swiftly rejected. The 200 Daily MA is holding ADA back. The rejection on the cross of the 50/200 is pretty bearish to me. If we stay below 1140/1150 on ADA (AKA we don't close above it), we're still bearish.
2. On the chart on the right, we have several daily moving averages to look at. We have the 25/50/75/100/125/150. Similar to point 1 above, we were not able to close above the 150 exponential moving average. We tried but we just couldn't do it. Each reattempt was caught short of the mark and now we're trading below basically all of the important moving averages.
Right now ADA looks like it might be a good play but hear me now, if the selling pressure continues, ADA is on track for low 1000's or even mid 900's so be very careful. I'd venture to say that trading off of the 50 moving average would be a good strategy here. Left Chart. Red Line. When we break above it, we break good. Take profit when you feel like it. Buy again when it reapproaches the 50 and stop loss if it closes below it. It might require you to monitor your trade but as long as you are watching the trend and the trend is up (look at RSI, stoch, and MACD) then it's saf(er) to buy and if it flips bear, sell on that macd bearish cross. A very simple trading strategy.
Trade safely friends!
<3 -CE-
There are two charts posted above so I apologize for the confusion this may cause. I'll post each individual chart below for easier viewing. There are a few things I want to point out on this chart.
1. We're looking at the daily chart on both charts above. The chart on the left shows the 50 and 200 moving averages. We can see that we came close to a bullish cross but were swiftly rejected. The 200 Daily MA is holding ADA back. The rejection on the cross of the 50/200 is pretty bearish to me. If we stay below 1140/1150 on ADA (AKA we don't close above it), we're still bearish.
2. On the chart on the right, we have several daily moving averages to look at. We have the 25/50/75/100/125/150. Similar to point 1 above, we were not able to close above the 150 exponential moving average. We tried but we just couldn't do it. Each reattempt was caught short of the mark and now we're trading below basically all of the important moving averages.
Right now ADA looks like it might be a good play but hear me now, if the selling pressure continues, ADA is on track for low 1000's or even mid 900's so be very careful. I'd venture to say that trading off of the 50 moving average would be a good strategy here. Left Chart. Red Line. When we break above it, we break good. Take profit when you feel like it. Buy again when it reapproaches the 50 and stop loss if it closes below it. It might require you to monitor your trade but as long as you are watching the trend and the trend is up (look at RSI, stoch, and MACD) then it's saf(er) to buy and if it flips bear, sell on that macd bearish cross. A very simple trading strategy.
Trade safely friends!
<3 -CE-
Right Chart: