Cardano is ready for a swing trade IMO,
ADA is making steady higher lows since september and therefore is forming an symmetrical traingle.
The support and resistance levels of this forming triangle are easy to see.
A break to the upside would be confirmed if ADA gains above 0.00000520 sats.
I will turn bearish/neutral once ADA drops below the triangle and the 50 day MA @ around 0.00000471 sats.
BUY and STOP level:
-I will buy ADA @ current levels between 0.00000490 - 500 sats.
-My STOP is placed @ 0.00000450 sats.
-In order for the stop to get triggered ADA needs to:
1) break down in the symmetrical triangle.
2) break belowe the 50 day MA.
3) Looking at the VPVR you can see that it needs to break through quite some volume levels as well.
PROFIT targets:
-My first profit level is @ 0.00000637
-This is the 1.618 fibonacci extension level drawn from recent low (0.00000403) to recent high (0.00000547).
-The 1.618 fib extension acted as clear resistance in the last week of july.
-I will sell approx 50 to 70% here.
-Second profit target is @ 0.00000731
-This is the 2.272 ficonacci extension of the recent leg up.
-In the picture below you can see that the 200 day MA acted as strong resistance so I think it will not break in the first try.
-If the 200 day MA comes in before the profit level of 0.00000731, I will take profit at the 200 day MA instead.
ADA is making steady higher lows since september and therefore is forming an symmetrical traingle.
The support and resistance levels of this forming triangle are easy to see.
A break to the upside would be confirmed if ADA gains above 0.00000520 sats.
I will turn bearish/neutral once ADA drops below the triangle and the 50 day MA @ around 0.00000471 sats.
BUY and STOP level:
-I will buy ADA @ current levels between 0.00000490 - 500 sats.
-My STOP is placed @ 0.00000450 sats.
-In order for the stop to get triggered ADA needs to:
1) break down in the symmetrical triangle.
2) break belowe the 50 day MA.
3) Looking at the VPVR you can see that it needs to break through quite some volume levels as well.
PROFIT targets:
-My first profit level is @ 0.00000637
-This is the 1.618 fibonacci extension level drawn from recent low (0.00000403) to recent high (0.00000547).
-The 1.618 fib extension acted as clear resistance in the last week of july.
-I will sell approx 50 to 70% here.
-Second profit target is @ 0.00000731
-This is the 2.272 ficonacci extension of the recent leg up.
-In the picture below you can see that the 200 day MA acted as strong resistance so I think it will not break in the first try.
-If the 200 day MA comes in before the profit level of 0.00000731, I will take profit at the 200 day MA instead.
Trade active:
Quick update:
-Buy orders got filled @ 490 sats and I added some @ 480 sats as well.
-50 day MA @ 0.00000471 acted as support, just like expected.
I will remain bullish for now as long as the 50 day MA holds but I would like to see some more volume in the coming days to remain confident though. Stop order stays the same.
-Buy orders got filled @ 490 sats and I added some @ 480 sats as well.
-50 day MA @ 0.00000471 acted as support, just like expected.
I will remain bullish for now as long as the 50 day MA holds but I would like to see some more volume in the coming days to remain confident though. Stop order stays the same.
Will use the same TP targets because they are still valid IMO.