ADA Short Time Frame Long Setup
ADA is looking bullish. Unlike most alts it did not completely lose its bullish structure even during the dips in the market. What I mean is that ADA is holding on to the upward trending line and doesn’t lose it for long on the higher TF. (Please read linked ideas)
On the 4H TF, I see that the 0.38 USD level acts as local resistance and ADA tested it as support on the 1H TF. If it will also clear the 0.386 USD level, it will also be above the diagonal trendline which will give the bullish case more confidence.
In addition, you can see an Inverse Head and Shoulders forming on the 4H TF which further supports the bullish case for ADA, at least short-term.
I have two trading ideas for ADA, an aggressive trade, and a conservative trade:
Aggressive Trade Idea:
• Entry: 0.3793
• SL: 0.3728
• Target: 0.3864, 0.42, 0.46
• R: R is not great if we assume that ADA did not finish the correction. If it has, great entry for continuation to the upside. Risky.
• If this trade is successful, I will not cash out completely because it may go higher.
Conservative Trade Idea:
• Entry: 0.3864 (after retest of trendline)
• SL: 0.3793
• Target: 0.42, 0.46
• R: R 1:5 to first target.
• Eventually I expect ADA to go a lot higher.
NFA
What do you think? Please share in the comments
Best wishes to all.
On the 4H TF, I see that the 0.38 USD level acts as local resistance and ADA tested it as support on the 1H TF. If it will also clear the 0.386 USD level, it will also be above the diagonal trendline which will give the bullish case more confidence.
In addition, you can see an Inverse Head and Shoulders forming on the 4H TF which further supports the bullish case for ADA, at least short-term.
I have two trading ideas for ADA, an aggressive trade, and a conservative trade:
Aggressive Trade Idea:
• Entry: 0.3793
• SL: 0.3728
• Target: 0.3864, 0.42, 0.46
• R: R is not great if we assume that ADA did not finish the correction. If it has, great entry for continuation to the upside. Risky.
• If this trade is successful, I will not cash out completely because it may go higher.
Conservative Trade Idea:
• Entry: 0.3864 (after retest of trendline)
• SL: 0.3793
• Target: 0.42, 0.46
• R: R 1:5 to first target.
• Eventually I expect ADA to go a lot higher.
NFA
What do you think? Please share in the comments
Best wishes to all.
