$ADA Cardano - potential range break out
OK here we go with a potential break out of the range for $ADA
What i like about this setup is there was a swing fail pattern when price previously took out the top of the range and dropped back to the mid range/20 period SMA where buyers stepped in, since then we have rallied to the range highs again and i think its likely we see a break out, considering there is an overall bullish trend at the moment in crypto
tldr
entry 0.5156 ish
target 0.5336 ish (top of the break down candle close)
stop 0.501 below the mid range level
follow me on my twitter :)
What i like about this setup is there was a swing fail pattern when price previously took out the top of the range and dropped back to the mid range/20 period SMA where buyers stepped in, since then we have rallied to the range highs again and i think its likely we see a break out, considering there is an overall bullish trend at the moment in crypto
tldr
entry 0.5156 ish
target 0.5336 ish (top of the break down candle close)
stop 0.501 below the mid range level
follow me on my twitter :)
Comment:
well we have now poked up above the range high, and are just hanging around there is not alot of action being a weekend. there is a bearish divergence on the H1 RSI, which is spooking me a little on this, we may have a pullback before more upside. I shall continue to hold in the mean time
Comment:
Ok! as I expected we had no follow through on the break out which is usually a bad sign and we dipped back down into the range and bounced from the 20 period SMA on the H4. Currently we are sitting at the range high again and i want to see this thing start to try and break out sooner rather than later or i may cut it - we'll see how it develops
Trade closed: target reached:
Well after some stalling, we finally got there
price wicked up at took out my level and got rejected before continuation
price wicked up at took out my level and got rejected before continuation