Cardano (ADA) Forming this Ascending Triangle Pattern
It's currently forming an Ascending Triangle with higher lows and lower highs. In this setup, we expect a decrease in volume while forming this pattern.
This pattern usually breaks out upside 63% of the time.
If it breaks upwards with volume, I'll place a long position. Set the stop loss at the middle of the triangle (at 1.64), my profit target would be around 2.57. The Risk-Reward Ratio is 2.61.
If it breaks downwards, I'll place a short position. Set the stop loss at 1.64, my profit target would be around 0.7. The Risk-Reward Ratio is 3.28
It's more likely to break the upside, however, it is still a chance of breaking to the downside. I'll write an update about this.
This pattern usually breaks out upside 63% of the time.
If it breaks upwards with volume, I'll place a long position. Set the stop loss at the middle of the triangle (at 1.64), my profit target would be around 2.57. The Risk-Reward Ratio is 2.61.
If it breaks downwards, I'll place a short position. Set the stop loss at 1.64, my profit target would be around 0.7. The Risk-Reward Ratio is 3.28
It's more likely to break the upside, however, it is still a chance of breaking to the downside. I'll write an update about this.
Comment:
It is now breaking up. I longed.