Perfect hit on previous ADA setup.
Looking like we are in the last wave 5 on daily.
Fibonacci Extensions are in confluence and suggests targets are in between ~3,2$ and ~3.3$.
1H wave count looks like we are not done correcting.
Entry:
The 4H looks like a bullish falling wedge, so we can trade the breakout with an entry price around ~2.64.
Because 1H says that we have one more leg down we could wait to enter at the end of wave 5 below ~2,47. This will increase risk reward ratio.
Target:
TP 3.28$
Stop loss:
Risk reward ratio is pretty good but macro in crypto with BTC and ETH looking pretty bearish could increase risk.
Stop loss should be set below lowest low. Depending on entry price this should be 2.460 for a breakout at 2.64 and 2.37 for the 1H wave 5 entry.
Two scenarios lets see if they playout. Of course if BTC continues going down, highly unlikely because the weekend is coming, this idea will get invalidated.
Looking like we are in the last wave 5 on daily.
Fibonacci Extensions are in confluence and suggests targets are in between ~3,2$ and ~3.3$.
1H wave count looks like we are not done correcting.
Entry:
The 4H looks like a bullish falling wedge, so we can trade the breakout with an entry price around ~2.64.
Because 1H says that we have one more leg down we could wait to enter at the end of wave 5 below ~2,47. This will increase risk reward ratio.
Target:
TP 3.28$
Stop loss:
Risk reward ratio is pretty good but macro in crypto with BTC and ETH looking pretty bearish could increase risk.
Stop loss should be set below lowest low. Depending on entry price this should be 2.460 for a breakout at 2.64 and 2.37 for the 1H wave 5 entry.
Two scenarios lets see if they playout. Of course if BTC continues going down, highly unlikely because the weekend is coming, this idea will get invalidated.
Trade closed manually:
Decided to close in profit. BTC not looking to good. Most alts looking to green.
Breakout from wedge.