WiseAnalyze

ADA in consolidation

Long
BINANCE:ADABTC   Cardano / Bitcoin
ADA has entered consolidation stage at day timeframe. It means that we may expect it to swing between ~450-510 until it breaks into one of directions. This may be used either to accumulate ADA at the lower border of that channel and hold till uptrend starts, or scalp it on each swing.

1) Swing trade plan - buy at 440-450 and sell at 500.
2) Accumulation - buy at 440-450 and hold till breakout. Targets 570-590 (may take up to 1-2 month)

Bullish scenario - price pullback to ~465-470 and bounce from there - it may be a signal that consolidation stage comes to an end.

P.S. Prices at Bitmex are more or less the same, but they renew chart regularly, so it doesn't provide enough information for long term planning.

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