I was looking at Cardano (ADABTC) recently and looking at its retrace patterns, in order to come up with a trade. I wanted to do a trade that was fast and generate huge profits, so I choose ADAH19 (BitMEX).
Cardano (ADA) is pretty solid, so its price holds nicely when it retraces, great for the type of trade that I was looking for.
Now, back to the patterns, here is what I noticed in the past few weeks for how ADA retraces:
ADABTC (ADAH19 to be more specific), for the past few weeks, retraces ~17% on big up waves and ~6% on lower up waves.
The MACD goes below neutral line as well on the big up wave retrace, and remains above with the smaller ones.
The same goes for the RSI and oversold.
Here is the chart for a closer look:
Realizing that the retrace was completed (there are many other tools that can be used to reach this same conclusion), I came up with the following trade, which generated great profits in a matter of hours:
--- Trade: LONG ADAH19
Leverage: 15X Buy In: Up to 0.00001158 Time Frame: 1H
Unsure if you play patterns alan but ADA is in a descending wedge and losing supports/volume, i have a final target of 1060sats on mex which it could bounce back up after and go on a bullish run, some guy in the ADA charts had a inverse head and shoulders forming so i think it can go lower.. you probably already know this for your group but just wanted to see if you would update this post
AlanSantana
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@hamie101, If you look at the chart on the right side, it still shows good support.