$ADA #ADABTC Extensive Technical Analysis - Day Trader Explains
Hello Lads and Ladies,
Welcome back to TJs Daily TA session, today requested by the Elite Trading Group, we will be taking a look into ADA/BTC on Binance and yet combine it with a trade opportunity on BitMex.
If you are following my TA long enough, you know exactly that I love trading ADA/BTC and it has been pretty accurate overall. Today once again I will jump straight into it, using horizontal supports/resistances, trend-lines, trend-angles and important zones.
We see with ADABTC here pretty much a similar outcome like we see with many other alt coins at the moment. First a big big crash and now finally some significant bounces and sustainable sideway movements without crashing immediately again.
Looking at ADA we have a nice up trending angle for the uptrend support indicated in red here. This "good" angle is very important because it gives us more room to have a small retracement and load up the longing positions without leaving or reversing the trend.
The first big bounce has been really amazing and has shown once again that ADABTC is not dead and people are still very interested in buying it and not letting it go too deep. Nevertheless, it had its small sideway action and moved down a little afterwards to re-test that uptrend support, the small bounce that it had from there is in my perspective not enough for it to immediately moon and go back up. As I thought, it stayed pretty near to it but has not re-tested it a second time and now it is in some way or another a pennant. This pennant is showcased in the white colour and is providing us with a small support but as well resistance. It would have a bigger move up by breaking the resistance than just breaking or wicking down the support. It has a lot of buying possibilities below that white support in small steps from each other. On the other side upwards.. it has fewer steps with more space between them, giving it allowed sell pressure and room to pick up some momentum and pump it a little at least to our showcased targets.
We have at the top actually two important zones, one is the yellow profit taking zone and the other is the strong shorting zone. This is because in the yellow <you can easily take your profits and be happy to buy the next sub or burger, yet in the strong shorting zone you would have a very very good RRR for a SL directly above it and with staggers inside it. I hope you see and understand what I mean by that.. A small zone, with just small wicks yet in it, staggers inside it to make your avg entry as high as possible and a SL behind/above which would also mean a nice impulse move by ADABTC. What do you need more for a nice and safe shorting position?
Now, taking a look at the indicators.
FOMO has had a nice short and is now probably about to turn, and if it does not turn yet, it might just fill our orders and will then turn green and give us nice uptrend.
RSI is overall trending up from a very oversold area and has not been near 70 points for a really long time.. this has a great chance of happening since the longer it takes the stronger comes the pull upwards. Moreover, taking an exact look on RSI you will see that the very last small wick has not made anything big for it. Which leaves the RSI support flat but chart RSI trending upwards, which is from my understanding a hidden bullish divergence.
Taking a look at my desired StochasticRSI, we can very well see that it is at the bottom and turing upwards, indicating us the next possible move upwards pretty soon.
VJs Trendline indicator also seems to bending upwards and turning green pretty soon, so from my side a lot of things are speaking for a long position which I have displayed in the chart and will put now in a nice format of how I will make my own trade, for all lazy readers here.
ADA/BTC (ADAZ18)
LONG (max 10x)
Staggers - NOW - 1160 - 1139 - 1116
Targets - 1210 - 1259 - (1300-1335)
Stop Loss at a CLOSE BELOW 1095
SHORT THE RED ZONE (1336-1390) SL behind 1400.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
This is as always a delayed post, if you are interested in first hand news, feel free to join our group,
Cheers, TJ
Welcome back to TJs Daily TA session, today requested by the Elite Trading Group, we will be taking a look into ADA/BTC on Binance and yet combine it with a trade opportunity on BitMex.
If you are following my TA long enough, you know exactly that I love trading ADA/BTC and it has been pretty accurate overall. Today once again I will jump straight into it, using horizontal supports/resistances, trend-lines, trend-angles and important zones.
We see with ADABTC here pretty much a similar outcome like we see with many other alt coins at the moment. First a big big crash and now finally some significant bounces and sustainable sideway movements without crashing immediately again.
Looking at ADA we have a nice up trending angle for the uptrend support indicated in red here. This "good" angle is very important because it gives us more room to have a small retracement and load up the longing positions without leaving or reversing the trend.
The first big bounce has been really amazing and has shown once again that ADABTC is not dead and people are still very interested in buying it and not letting it go too deep. Nevertheless, it had its small sideway action and moved down a little afterwards to re-test that uptrend support, the small bounce that it had from there is in my perspective not enough for it to immediately moon and go back up. As I thought, it stayed pretty near to it but has not re-tested it a second time and now it is in some way or another a pennant. This pennant is showcased in the white colour and is providing us with a small support but as well resistance. It would have a bigger move up by breaking the resistance than just breaking or wicking down the support. It has a lot of buying possibilities below that white support in small steps from each other. On the other side upwards.. it has fewer steps with more space between them, giving it allowed sell pressure and room to pick up some momentum and pump it a little at least to our showcased targets.
We have at the top actually two important zones, one is the yellow profit taking zone and the other is the strong shorting zone. This is because in the yellow <you can easily take your profits and be happy to buy the next sub or burger, yet in the strong shorting zone you would have a very very good RRR for a SL directly above it and with staggers inside it. I hope you see and understand what I mean by that.. A small zone, with just small wicks yet in it, staggers inside it to make your avg entry as high as possible and a SL behind/above which would also mean a nice impulse move by ADABTC. What do you need more for a nice and safe shorting position?
Now, taking a look at the indicators.
FOMO has had a nice short and is now probably about to turn, and if it does not turn yet, it might just fill our orders and will then turn green and give us nice uptrend.
RSI is overall trending up from a very oversold area and has not been near 70 points for a really long time.. this has a great chance of happening since the longer it takes the stronger comes the pull upwards. Moreover, taking an exact look on RSI you will see that the very last small wick has not made anything big for it. Which leaves the RSI support flat but chart RSI trending upwards, which is from my understanding a hidden bullish divergence.
Taking a look at my desired StochasticRSI, we can very well see that it is at the bottom and turing upwards, indicating us the next possible move upwards pretty soon.
VJs Trendline indicator also seems to bending upwards and turning green pretty soon, so from my side a lot of things are speaking for a long position which I have displayed in the chart and will put now in a nice format of how I will make my own trade, for all lazy readers here.
ADA/BTC (ADAZ18)
LONG (max 10x)
Staggers - NOW - 1160 - 1139 - 1116
Targets - 1210 - 1259 - (1300-1335)
Stop Loss at a CLOSE BELOW 1095
SHORT THE RED ZONE (1336-1390) SL behind 1400.
Like and Follow me and you will find this page interesting because I am a TA expert and professional day trader in crypto since 2012 that does daily updates and new posts about the hottest and most discussed coins.
This is as always a delayed post, if you are interested in first hand news, feel free to join our group,
Cheers, TJ
Trade active:
uuuhhhh yeees, Staggers filled, take out 50% rn and staggers down lower. Tested the uptrend support pretty nicely
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