Dear community,
Looking at ADA Future contract (Bitmex), we can identify a falling wedge in play.
Based on Bulkowski's perfect trades, breakout "can be in any direction but is upward 68% of the time."
On top of that, risk/reward ratio is attractive with a value of 5.48.
Stop loss --> 0.2410
TP 1 --> 0.2860
TP 2 --> 0.3118
TP 3 --> 0.3410
Of course this...
we are close to the support line, if we rebound we have a chance to level 2850-2900 or higher (but I recommend to observe this level) to raise, we fly further down :)
After taking profits on my long in the last idea, i think the chart is displaying a good entry for a short..
The POC ( RED Line ) on the volume profile is acting at a tough resistance for ada to break, i will be taking a short position here with my stop set just a touch above the poc..If we see a nice bit of selling volume the price should break down pretty...
BITTREX:ADAETH finding itself inside the trendlines I have for it, I try not to put too much weight on the lines I make it's more for me to see the general trend / speed of trend change. ADA derivatives have the potential to provide price stablization; currently I feel they give too much incentive to short BITMEX:ADAM18
My opinion is that we are currently in a continuation pattern, more specifically, a falling wedge.
Cardano's continued correction, offers great value. I would like to see an intraday move, to at least 50%, hovering between my Stop and my Entry point.
The likelihood of a reversal into a profitable scenario is small for today, but with supposed positive...
I'm fearful of what seems like a head and shoulders formation currently forming on the 30 min chart. I entered, what I deemed a good position at the time, see the purple line. I can only put this down to being a n00b!
I expected a correction from the earlier 0.00004500, but could not even fathom at correction to the mid/low 3600's...
80% of my position closed...
Whilst piggybacking on the BTCUSD value, ADA, like most alts, had a great rally.
I am of the opinion that we are poised for a quick correction, within the next 24 hrs. Expect minor resistance at 3650, moderate resistance at 3620 and firm bottom at 3590.
I have hedged my new longs within the area, marked with the blue wave.
Lets hear your thoughts.
Please...
