ADAUSD
looks to be losing the $1.20 support line after flirting with it multiple times the past week. We broke below temporarily, touched $1.16 and then pushed back to $1.21 but failed to break local resistance or the EMA clouds on 1h chart. This is signaling to me that we might head back to $1.12 support lvl. There are many crypto setups that I'm bearish on in the short term right now and ADA has a nice setup that could payout down to $1.12 support. Plan: Short ADA under $1.20 support risking off of the $1.22 POC on the 1h chart and the 50 EMA cloud on 1h chart which is sitting at $1.2349. This sets up a 2.5% risk with a SL at $1.24 and a 7% gain on $1.12 profit taking.
- ADA may rally back to $1.228-$1.233 lvl (EMA's and POC on 1h) but if it fails to get over those lvls then I will add to short position. $1.16 is a support lvl on the Daily chart with the 20 EMA cloud located at that lvl, may bounce there again.
*ADA is one of my largest swing/stake positions, I am only playing charts here.
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ADA looks to be heading back to 1.16 support lvl. Would like to see us break that lvl which is also 20 EMA cloud on daily. This should open us up for $1.12.
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retested the $1.16 lvl again yesterday and now looks to be breaking back down. Let's see if the bottom trendline will hold.
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Trendline broke. Watching to see if we get back and close above trendline. Many different coins heading lower. Almost touched 1.12 PT.
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Big dump by ADA. tested $1.06. Looking for a bottom between .98-1.06. Closed 1/2 my short position.
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Beautiful breakdown by ADA. Let's see if we reclaim $1.17 fib retracement. If we can clear that we might start to rally.
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ADA failed to break over the $1.17 61.8% fib retracement and is now testing the 76.4% fib retracement at $1.09. ADA short position is at +8.5% right now. BTC looks to be failing the TL it has respected since January. We could see some more correction.
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ADA sitting right on trendline that we have respected since rallying on February 15th. I will be watching it over the next few days for any bounce. Many coins still looking weak right now with BTC testing a big trendline on the daily chart.
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Hit the $1.03ish resistance and bounced. Looks like we're heading back down to $1 at this rate.
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ADA looks to have respected its daily TL and making a nice move back over $1.20. Let's see if we keep the momentum and can make a move back to $1.3. May enter some scalp plays on ADA if momentum looks strong.
BTC still in this bull flag/channel. It was close to breaking lower yesterday. Let's see what BTC does here as well. We could see a move back to $55,000 which would assist overall crypto market.
Trade closed manually:
Closed out remaining ADA position yesterday at $1.13