Hello fellow traders! Welcome to Spacepeso's second chart! Lets dive right into it.
ADA made a nice run in this small alt cycle. It retraced back to 1200 area and that is where I will start scaling in my buys. All depends on btc, a big btc move could drop ADA hard so its always risky in the crypto space. ADABTC is approaching the .786 fib area. An area where a lot of traders will be watching and maybe even start buying in. Therefore I expect a decent support area in the 1200 range.
So far there isnt anything that really gets me excited but to get in at the best price, we need to take some risk. I would set my lowest trades just above 1200 area and get out of the trade if this area breaks down. Better to lose small than to hold and lose 20-30% of capital on a big downward move.
My target would be the monthly open, around 1700 sats for a nice 38% trade, this could take us some weeks (months?) before the target is reached.
ADA made a nice run in this small alt cycle. It retraced back to 1200 area and that is where I will start scaling in my buys. All depends on btc, a big btc move could drop ADA hard so its always risky in the crypto space. ADABTC is approaching the .786 fib area. An area where a lot of traders will be watching and maybe even start buying in. Therefore I expect a decent support area in the 1200 range.
So far there isnt anything that really gets me excited but to get in at the best price, we need to take some risk. I would set my lowest trades just above 1200 area and get out of the trade if this area breaks down. Better to lose small than to hold and lose 20-30% of capital on a big downward move.
My target would be the monthly open, around 1700 sats for a nice 38% trade, this could take us some weeks (months?) before the target is reached.