Cardano, ADA/BTC Ready for The Next Leg Up?
Updated
Cardano, one of the more popular coins with a great team and good fundamentals. So there's no shame in holding or "HODLing" ADA. And also one we've covered recently already where you could have made some very nice profits from!
But now there's a new cycle, chart setup and targets so where we can trade of off let's take another quick look at this promising coin, shall we?
After another nice run up these past few days, ADA/BTC has consolidated and retraced a bit but found support around the 0.00003660 level. This is also the .382 fib retracement level.
If you add Elliot Wave theory into the mix, then you could say that the retracement ADA/BTC made recently is an "A, B, C correctional wave", if so, we could see a new impulse wave and head higher from here.
Also, there's a nice flag/triangle pattern which ADA/BTC hasn't broken out yet.
On the 1 hour chart, the indicators are curling up again and enough room for further growth and on a bigger timeframe you see the break of a big Cup & Handle:
And with all the news and events coming days/weeks of Gogeun Testnet Launch, Roadmap Update, Cardano 1.2 (Update) and K-EVM Testnet Release, there will be more excitement and hype around ADA/BTC to give it another leg up.
Keep in mind that we could see another retracement and retest of the support level cause the recent retracement wasn't very steep and ADA/BTC has still some room before it reaches the Apex of the triangle. But this shouldn't be much of an issue if you want to swing trade ADA/BTC for at least a week or two or believe in this coin for long(er) term.
So if you've missed the initial runs over the last days/weeks in Cardano, then this might be another chance to get in for the next possible run in ADA/BTC.
Here are some levels to look at when you want to swing trade ADA/BTC.
Trade Instructions
Buy Area:
0.00003660 - 0.00003800
Note: you can enter around support for a "dip buy" or at the break of the flag/triangle for a more confirmed breakout signal.
Profit Targets:
Short - Mid Term
1. 0.00003927
2. 0.00004017
3. 0.00004127
4. 0.00004238
5. 0.00004395
6. 0.00004596
Stop Loss (Optional):
0.00003518
Remember, you can use a larger stop or no stop at all if you believe in this coin for the mid-long term. You can just ride it out and don't have to worry to get stopped out and miss the swing.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it! This is for good karma.
And until next time, good luck with your trading!
But now there's a new cycle, chart setup and targets so where we can trade of off let's take another quick look at this promising coin, shall we?
After another nice run up these past few days, ADA/BTC has consolidated and retraced a bit but found support around the 0.00003660 level. This is also the .382 fib retracement level.
If you add Elliot Wave theory into the mix, then you could say that the retracement ADA/BTC made recently is an "A, B, C correctional wave", if so, we could see a new impulse wave and head higher from here.
Also, there's a nice flag/triangle pattern which ADA/BTC hasn't broken out yet.
On the 1 hour chart, the indicators are curling up again and enough room for further growth and on a bigger timeframe you see the break of a big Cup & Handle:
And with all the news and events coming days/weeks of Gogeun Testnet Launch, Roadmap Update, Cardano 1.2 (Update) and K-EVM Testnet Release, there will be more excitement and hype around ADA/BTC to give it another leg up.
Keep in mind that we could see another retracement and retest of the support level cause the recent retracement wasn't very steep and ADA/BTC has still some room before it reaches the Apex of the triangle. But this shouldn't be much of an issue if you want to swing trade ADA/BTC for at least a week or two or believe in this coin for long(er) term.
So if you've missed the initial runs over the last days/weeks in Cardano, then this might be another chance to get in for the next possible run in ADA/BTC.
Here are some levels to look at when you want to swing trade ADA/BTC.
Trade Instructions
Buy Area:
0.00003660 - 0.00003800
Note: you can enter around support for a "dip buy" or at the break of the flag/triangle for a more confirmed breakout signal.
Profit Targets:
Short - Mid Term
1. 0.00003927
2. 0.00004017
3. 0.00004127
4. 0.00004238
5. 0.00004395
6. 0.00004596
Stop Loss (Optional):
0.00003518
Remember, you can use a larger stop or no stop at all if you believe in this coin for the mid-long term. You can just ride it out and don't have to worry to get stopped out and miss the swing.
Leave a comment if you have any questions.
Like the post, if you liked it and share it if you loved it! This is for good karma.
And until next time, good luck with your trading!
Trade active
After a nice dip, ADA/BTC broke out of its triangle and have reached the 1e target already and heading to the next now. Congrats to those who to the trade and enjoy the ride!
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