HeathHimself

Cardano Deep Retracement Bullish Bat

Long
COINBASE:ADAUSD   ADA/USD
Swing Trade Setup -
ADA/USD
Timeframe: 1D
Direction: Long
Leverage: None

Entry: $1.26078821
Stop Loss: $0.98112403
Potential Loss: -22.18%

Target 1: $2.77069597
Potential Profit: +119.76%
Risk/Reward Ratio - 5.4:1

Target 2: $3.06783038
Potential Profit: +143.33%
Risk/Reward Ratio - 6.46:1

Reasons to Take the Trade:
- Bullish Bat Harmonic Pattern
- PCZ Coincides with the 23.6% Fibonacci Retracement
- Superb R/R Ratios

Reasons Not to Take the Trade:
- The measured move of the symmetric triangle breakdown is $1.71801460, meaning the price of Cardano would have to decrease more than twice the amount already projected by the other active chart patterns in play. This would also be a 59% retracement from its all-time high. I consider this an unlikely sale.
- The is no edge on the oscillators and based on my judgement, I currently don't see a bullish edge in development on the daily timeframe that would coincide with the pattern completion zone.