alanmasters

Cardano Retrace Completed - Reading The Signals (Learning)

BINANCE:ADABTC   Cardano / Bitcoin
I was looking at Cardano ( ADABTC ) recently and looking at its retrace patterns, in order to come up with a trade. I wanted to do a trade that was fast and generate huge profits, so I choose ADAH19 (BitMEX).

Cardano ( ADA ) is pretty solid, so its price holds nicely when it retraces, great for the type of trade that I was looking for.

Now, back to the patterns, here is what I noticed in the past few weeks for how ADA retraces:

  • ADABTC (ADAH19 to be more specific), for the past few weeks, retraces ~17% on big up waves and ~6% on lower up waves.

  • The MACD goes below neutral line as well on the big up wave retrace, and remains above with the smaller ones.

  • The same goes for the RSI and oversold.

Here is the chart for a closer look:
Realizing that the retrace was completed (there are many other tools that can be used to reach this same conclusion), I came up with the following trade, which generated great profits in a matter of hours:

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Trade: LONG ADAH19

Leverage: 15X
Buy In: Up to 0.00001158
Time Frame: 1H

Targets:
(1) 0.00001177 -Reached
(2) 0.00001190 -Reached
(3) 0.00001200 -Reached

Stop Loss: Close 1H candle below 0.0001145
Profit Potential: 53.85% ROE


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Here are the charts for the trade:

Before

After

And that is all for today!

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Have a great week ahead.

Namaste.
Jan 19
Comment: Cardano (ADH19 / ADABTC) is moving positive with good strength.