Cardano Strategy (ADA)

Hello, in this post I will talk about Cardano (ADA). I am currently trading it against BTC using an automated strategy I built. But I wanted to share my analysis.

First check my Analysis on Bitcoin because when we trade against Bitcoin we should always have a clear look at the BTCUSD chart to know what's up.

Back to Cardano,
On the main picture above we can see that the trend is starting to reverse, with the ascending trend line becoming a descending one, and the a big support (red lines) being broken twice. So I expect it to become a big resistance as it has been tested several times.

But as I said above I use an automated strategy that helps me trade even when I sleep because I don't want to wake up or miss opportunities haha!
So the bot bought a few hours ago and I kind of agree with it, I expect the price to bounce up against the descending trend line in white. If it shows resistances, I think I will sell once and for all and move on another crypto because I trade on BINANCE and I don't short.

Note: the green line is the bot net profit line, with shorts disabled.
Thanks for reading.

You can find all my automated strategies on my website.

Comment:

Comment:

Ok, it sold at 1119 sats and I will stop this strategy, because I believe the trend will mainly be bearish now for Cardano.

Comment:

If we zoom out, we see better the new lows and even though price crossed over the 100 EMA with strenght, it failed to stay above, so I expect it to go back below it. But I could be wrong if price crosses over this descending white trend line.
I just prefer not to take the risk to keep trading an asset that's more likely to go down.

Comment:

Everything going as expected. Keeping an eye on it.