Bull Flag formed on ADA/BTC good potential for follow through.
Small Bull Flag formed on ADA/BTC on the 30 - 5 min with solid RSI levels. Jumped from 1370 to 1433 if the flag fully forms and sustains we could see an additional 1 or 2 legs up if we see follow through, sustained volume, and if bitcoin doesn’t get rejected to hard from the recent resistance of 6800 area. I would like to see a bit more increase in volume as we wave up and down in the flag before adding to my current position.
I do currently hold a position in ADA I am upside down on in at 1500 sats so part of me maybe seeing what I want/hope to see rather than what is actually there.
Historically 1400 sats was short-term residence back in Dec 2017 if you pull out to the 1 day as well.
Generally I am looking to do a small short-term trade here to make quick gains on the potential 2 legs up, and normally I would set stop losses however, I believe in ADA long term so even if the set up fails I will maintain the position and add it to my “long-term play” pot.
I do currently hold a position in ADA I am upside down on in at 1500 sats so part of me maybe seeing what I want/hope to see rather than what is actually there.
Historically 1400 sats was short-term residence back in Dec 2017 if you pull out to the 1 day as well.
Generally I am looking to do a small short-term trade here to make quick gains on the potential 2 legs up, and normally I would set stop losses however, I believe in ADA long term so even if the set up fails I will maintain the position and add it to my “long-term play” pot.
Trade closed manually:
3 days later and we still have some solid profits from entry. Watching BTC price fall I think we will be seeing another leg down soon, so I will take my small profits (aprox 5%) and head into cash until we see a strong retracement in btc and find a good reentry point.
Thanks for watching!
Thanks for watching!