This thread correlates with my linked BTC thread and is all on the back of BTC having a bounce. I think there is a reasonable chance BTC has a fast fakeout slump before the bounce but allowing for that with a wide stop on ADA - here is my setup.
ADA seems an obvious choice to trade for a bounce:
Target is the 0.618 retracement area $2.13 up to $2.4 for overshoot, but if it gets there I might let some of the trade run a bit and wait for sign of reversal.
Not advice.
ADA seems an obvious choice to trade for a bounce:
- Currently it sits in the green support channel that has previously held price well.
- Daily RSI is overbought and showing some bullish divergence.
- MACD is curling up with histogram moving above the 0 point.
- Inside fibonacci projection (1:1) hits current support area and good chance is a sign of reversal.
Target is the 0.618 retracement area $2.13 up to $2.4 for overshoot, but if it gets there I might let some of the trade run a bit and wait for sign of reversal.
Not advice.
Comment:
On 3 day chart ADA has lowest RSI since March 2020 and lowest MACD ever.
Comment:
Looks like ADA is breaking out here.
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