AndyTheKing

ADA/BTC - Reversal in play?

Long
BINANCE:ADABTC   Cardano / Bitcoin
I believe ADABTC has put in a reversal on the 1D chart, signalling that dips are for buying.

Technical reasons for the trade:

→ Price spent a few days below the 1D 200MA before quickly powering back up on volume .
→ Confirmed bullish div - Histogram and RSI .
→ Fisher bullish div + buy signal on 25th September.
→ OBV back above its 13EMA.
Bullish engulfing candle on the weekly.

✗ Price hasn't yet given us a nice market structure on the daily chart .
✗ Big VPVR notch below, if bulls don't step up and price fails to remain above the 1D 200MA - we could see a drop down to 682 sats .
✗ 1D 200MA has yet to be retested as support.

✓ Aggressive traders can look to long all pullbacks.
✓ Safer traders can look to long when/if 1D market structure is established.

Good luck!

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Comment: 1D chart with indicators:


1W chart showing bullish engulfing candle reversal:

Comments

sharp technical overview and nice summary. thumbsup!
Reply
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