ADA/BCT- Bullish Channel forming - one more step down.
I bought Cardano as a long term hold.
My bias is long.
I need to see price touch the level of confluence to take the trade and mitigate our risk.
The pair is faithful to fib levels. Price made 3 step pattern - rise-consolidation-rise until the Bulls took profit at precisely the 1.618 extension fib of the first swing. ( see diagram).
Price is now correcting. Mean reversion.
The long term trendline will offer good support and we have a 50% fib retracement level = confluence.
This is where I will be reloading for price to reach my targets indicated by the fib extension levels and the top of the channel that may be forming.
My bias is long.
I need to see price touch the level of confluence to take the trade and mitigate our risk.
The pair is faithful to fib levels. Price made 3 step pattern - rise-consolidation-rise until the Bulls took profit at precisely the 1.618 extension fib of the first swing. ( see diagram).
Price is now correcting. Mean reversion.
The long term trendline will offer good support and we have a 50% fib retracement level = confluence.
This is where I will be reloading for price to reach my targets indicated by the fib extension levels and the top of the channel that may be forming.
Comment:
Price has fallen out of the upward channel and is now forming a parallel channel. I think we are due for another move up to continue the bullish pattern. I have held my position as my stop is below the doji made on the 11.jan.