ADA Trading Plan, July 16th – 22nd, 2023
• ADA is one of the big winners following XRP’s legal victory. The chances of ADA being deemed a security are reduced. The probability of a new bear market low is diminished as well.
• On July 13th and 14th, ADA had a massive price increase of over 30%. Currently, it is retracing to the liquidity pool it left behind.
• The closest support level is the previous range high, at 0.305 USD.
• The closest resistance is at 0.33 USD.
Weekly Bias:
• My weekly bias is bullish. IMO, ADA’s price was suppressed for a long time. It has a solid base between 0.27 – 0.30 USD. I do not think it will go lower than 0.285 USD.
• My preferred scenario is for ADA to fully retrace the liquidity pool, find support on the previous range high, and continue to the upside. Regardless, most of the liquidity pool is already taken. ADA could continue up from this point.
A long trade from the previous range high has a better chance of success (IMO) and a better R: R.
Trade Idea No. 1:
• Entry: 0.33 (S/R flip).
• SL: 0.3169 (Daily low).
• Target: 0.38
• R: R: 1:4
Trade Idea No. 2:
• Entry: 0.305 (S/R flip).
• SL: 0.291 (Demand zone).
• Target: 0.38
• R: R: 1:5
NFA.
What do you think? Please share in the comments.
Best Wishes.
• On July 13th and 14th, ADA had a massive price increase of over 30%. Currently, it is retracing to the liquidity pool it left behind.
• The closest support level is the previous range high, at 0.305 USD.
• The closest resistance is at 0.33 USD.
Weekly Bias:
• My weekly bias is bullish. IMO, ADA’s price was suppressed for a long time. It has a solid base between 0.27 – 0.30 USD. I do not think it will go lower than 0.285 USD.
• My preferred scenario is for ADA to fully retrace the liquidity pool, find support on the previous range high, and continue to the upside. Regardless, most of the liquidity pool is already taken. ADA could continue up from this point.
A long trade from the previous range high has a better chance of success (IMO) and a better R: R.
Trade Idea No. 1:
• Entry: 0.33 (S/R flip).
• SL: 0.3169 (Daily low).
• Target: 0.38
• R: R: 1:4
Trade Idea No. 2:
• Entry: 0.305 (S/R flip).
• SL: 0.291 (Demand zone).
• Target: 0.38
• R: R: 1:5
NFA.
What do you think? Please share in the comments.
Best Wishes.
