With most alts bleeding its hard to say whether the correction is over. I'd wait for a full confirmation of pattern - break of support or resistance before entering this one. RSI was steaming hot during the run and we were definitely overbought. Bear divergence was observed at the peak and retracement may be complete. Next couple of hours of candles should show a clearer direction. I personally would wait for the pattern to complete before entering. It's unclear whether the right shoulder has reached its peak or whether it is the said pattern. I'm hands off this pairing for the meantime. No need to get emotional on Goguen. We play the line and margin.
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Support has held. Let's see what happens from here. I entered a small long position and will enter a larger order upon confirmation of pattern.
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We are now up 4% since entering if you followed. I would set my stop loss just above entry so that if this does go down it will not affect bankroll. Good if goes up but we wanna protect our gains.
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Pattern seems to be confirmed. Let's see if we hold from here. Long position from support is now up 14%. ADA/BTC and ADA/ETH is also performing well. Bullish trend likely to continue with money pouring into alts after a BTC run.
