Cardano (Ada) Long Opportunity (First Class Fly Ticket!)
Hello Folks,
Before starting the chart, I want to say that ADA has two news in this month. (If they won't postpone or cancel)
1-Roadmap Update
2-Shelley Testnet Launch
I think these news will effect the price positively.
Alright, previous big rally drop from 1944 to 910 and the price climbed to the 1213 where is a little bit above -Fib 0.236 level (1154) with the first buy reaction from 910. This was the first upward wave after the drop and showed us 910 was the bottom also around 1213 was our first resistance level. This wave decrease till to 950 (around Fib 0.786 level) and we drew the our uptrend line.
After the second downward wave, the price climbed to 1109 (between -Fib 0.618 - Fib 0.5) where the price usually return. -Fib 0.0236 (1012) hold this drop. The price climbed to 1190 and passed the -Fib 0.0236 level (1154) one more time but couldn't reach the previous top (1213) so we drew our downtrend line and it created a great wedge.
Right now, the price drop from the 1190 and the price got a buy reaction at Fib 0.618 level (1018) of the first upward wave. We know this level from the previous drop where the the price return and climbed again till the 1190. That's why we can say there is a support line in this area. Moreover, this drop was very close to uptrend line (1010-1015) so it's clearly shows that this area has very strong support.
Rsi looks ready to climb and macd histogram started to change as bullish and so close to bullish cross. A new rally about the start and it'll touched the top of the wedge (1140-1150) for sure. If it break this run won't stop until the somewhere between -Fib 0.5(1427) - Fib 0.618(1549) level of the first big rally(1944). If the wedge broke from the top, the wedge range through 1467. This is also reaching -Fib 2.618 level (1468) and exactly fitting between 1427 to 1549.
Short- Mid Term
Buy between 1020-1060
TP1: 1145
TP2: 1288
TP3: 1370
TP4: 1450
SL: below 999
Good luck and all the best for everyone.
Don't forget that this is NOT a financial advice. Just shared my thoughts about my trade idea. Always make your own research.
Before starting the chart, I want to say that ADA has two news in this month. (If they won't postpone or cancel)
1-Roadmap Update
2-Shelley Testnet Launch
I think these news will effect the price positively.
Alright, previous big rally drop from 1944 to 910 and the price climbed to the 1213 where is a little bit above -Fib 0.236 level (1154) with the first buy reaction from 910. This was the first upward wave after the drop and showed us 910 was the bottom also around 1213 was our first resistance level. This wave decrease till to 950 (around Fib 0.786 level) and we drew the our uptrend line.
After the second downward wave, the price climbed to 1109 (between -Fib 0.618 - Fib 0.5) where the price usually return. -Fib 0.0236 (1012) hold this drop. The price climbed to 1190 and passed the -Fib 0.0236 level (1154) one more time but couldn't reach the previous top (1213) so we drew our downtrend line and it created a great wedge.
Right now, the price drop from the 1190 and the price got a buy reaction at Fib 0.618 level (1018) of the first upward wave. We know this level from the previous drop where the the price return and climbed again till the 1190. That's why we can say there is a support line in this area. Moreover, this drop was very close to uptrend line (1010-1015) so it's clearly shows that this area has very strong support.
Rsi looks ready to climb and macd histogram started to change as bullish and so close to bullish cross. A new rally about the start and it'll touched the top of the wedge (1140-1150) for sure. If it break this run won't stop until the somewhere between -Fib 0.5(1427) - Fib 0.618(1549) level of the first big rally(1944). If the wedge broke from the top, the wedge range through 1467. This is also reaching -Fib 2.618 level (1468) and exactly fitting between 1427 to 1549.
Short- Mid Term
Buy between 1020-1060
TP1: 1145
TP2: 1288
TP3: 1370
TP4: 1450
SL: below 999
Good luck and all the best for everyone.
Don't forget that this is NOT a financial advice. Just shared my thoughts about my trade idea. Always make your own research.
Trade active
Trade closed: stop reached:
ADA/BTC Pair is dying right now but you can keep for ADA/USD pair or you can leave from usd pair with small gain. BTC pair closed.