Cardano (ADA) Analysis
I have been recently studying and analyzing the Ichimoku Cloud indicator at depth, and I must confess that I find it fascinating. It shows current dynamic support and resistance levels and is able to predict them in advance, it also takes into account Fibonacci retracements into its formula and incorporates something similar to EMA’s (TK’s) in the picture.
How you trade it vastly depends on your style, but the indicator is great for handing out multiple long/short signals and includes strategies that you as a trader must digest and act upon. When trading it, I often use other indicators to add confluence to my position, but for this particular chart, I am solely using the “Entry Checklist” to open a long for ADA/BTC. The checklist is as follows:
Also, note that the next major resistance is around 20 percentage points above current price, so the Risk/Reward is even greater. Top 6 market cap coin is also a huge plus, fundamentally speaking.
Huge S/O to CarpeNoctom, Cryptocred and cryptosays for the education on this particular indicator; you guys helped out a lot. If any of you are interested in further learning of the indicator, follow them on Twitter and look up the first two on Youtube for great content.
Don’t forget to leave a like and smash that follow button, it really helps out!
Cheers,
Dani.
How you trade it vastly depends on your style, but the indicator is great for handing out multiple long/short signals and includes strategies that you as a trader must digest and act upon. When trading it, I often use other indicators to add confluence to my position, but for this particular chart, I am solely using the “Entry Checklist” to open a long for ADA/BTC. The checklist is as follows:
- Price is above the Kumo (Cloud).
- Bullish Kumo ahead.
- Tenkan - Kijun (T/K) cross; although somewhat weak as it happened below Kumo.
- Chikou Span (Lagging Span) above price and almost above Kumo too.
Also, note that the next major resistance is around 20 percentage points above current price, so the Risk/Reward is even greater. Top 6 market cap coin is also a huge plus, fundamentally speaking.
Huge S/O to CarpeNoctom, Cryptocred and cryptosays for the education on this particular indicator; you guys helped out a lot. If any of you are interested in further learning of the indicator, follow them on Twitter and look up the first two on Youtube for great content.
Don’t forget to leave a like and smash that follow button, it really helps out!
Cheers,
Dani.
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