First chart shared on TV! Just for fun, NOT financial advice - DYOR. I'm by no means an expert in TA, I just look for patterns in PA combined with some FA/market sentiment etc. In fact, counter-trading my ideas may be the most profitable strategy known to man!
Cardano has a huge market cap already, yet retail continues to FOMO in hoping to catch another 10x during Uptober. Seems too easy if you ask me... it may pump (scam wick) to stop/liquidate shorts before a big move down, so shorting before confirmation is not recommended.
I'm not good at tracking open interest lol, but my gut tells me there are still leveraged longs "sitting comfy" at entries around $1 that will get liquidated with a drop to around .50, which would complete the bottom of a megaphone pattern that is cleverly hidden by many wicks. This would present a fantastic opportunity to 10x and ride Cardano up to $5+ after leveraged traders and retail get rekt, if by chance this turns out to be a HTF megaphone continuation pattern + breakout (green). Added options in red for megaphone breakout failure pattern as well.
FWIW I do have a bag of ADA and realize the market sentiment is very bullish right now, so I'll be more than happy if it goes up! But ask yourself, if this scenario actually played out, would you be prepared or get rekt?
Again, I'm new to TA so if you have constructive criticism or suggestions, I'm all ears and want to learn more! (No, I do not want or need a link to your ADA analysis, I am quite capable of searching TV on my own, thanks!)
If you're here to troll any bearish posts about ADA or are simply a hater, you should seriously reconsider how little you value your own time and find something more constructive to do.
If you read this far, you might as well take 2 secs to click the like button!
Yes, I liked my own post. Perhaps the analysis isn't accurate, but regardless it's a big step forward for me to share anything publicly... proud of myself! haha
sparo
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In isolation I can see the megaphone TA here. When placed against the larger crypto market it looks more like a bull flag.
Bang0utthez0ne
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Bro, if ADA hits $0.50 I will sell all my earthly possessions and go all in.
CryptoTrendsForFriends
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@Bang0utthez0ne, same here! Would certainly need some major FUD to push it (and likely the entire market) down that far, Gensler cracking down on "securities" or something along those lines - in which case, it would probably be a much harder decision to go all in.
Bang0utthez0ne
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@CryptoTrendsForFriends, aint that always the hard part? buying into fear and selling into greed? best of luck brother!