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AlCryptorino

Short term bullish on rounded retest

Long
Cardano / TetherUS (BINANCE:ADAUSDT)  
AlCryptorino Updated   
BINANCE:ADAUSDT   Cardano / TetherUS
Support and Resistance
3
4
supportandresistance
The entry was first resistance, then flipped to support and now I expect it to hold on the rounded retest. I'll keep a short stop loss though.
Comment:
The daily close and some intraday timeframes reacted a bit on the rounded retest of the support.
A main thing is in my opinion that the support is the resistance of the previous consolidation.
snapshot
Comment:
The 9 EMA provided a good resistance since July with two exceptions showing a solid downtrend. The same with the RSI which was always way below 50 since July which signals a downtrend to me. See:
snapshot
But there is room until the 9 EMA and for a short term uptrend of the RSI that should be well enough for a good raise of the stop loss into the profit zone.
Comment:
The alts seem to generally consolidating currently. With a bit of a bearish bias based on the RSI being below 50 for almost a month.
snapshot
Comment:
I still looks like there is room for a short term relieve as the price is in the lower part of the consolidation.
Comment:
Got stopped out. But was worth a try.
Trade closed: stop reached
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