Cardano Short Opportunity amidst BTC uncertainty - H4 Butterfly
Updated
ADA had recovered slightly against the BTC and approaching the next sell level. Coincidentally, one of my favorite Harmonic Pattern - the butterfly pattern completes at the same area at Point D.What I also like about this setup is the confluence it has as shown in the Red Circle.
Most people will be caution to sell here thinking that a previous high or resistance level (506) is breached and price is going to trend higher. I like to challenge this thought by asking this - What is Buy Low Sell High? Do you sell when price is going down or when price is going up?
Entry - 526 to 540
SL: 563
TP1 - 475
Extended TPs - 447, 418
Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Most people will be caution to sell here thinking that a previous high or resistance level (506) is breached and price is going to trend higher. I like to challenge this thought by asking this - What is Buy Low Sell High? Do you sell when price is going down or when price is going up?
Entry - 526 to 540
SL: 563
TP1 - 475
Extended TPs - 447, 418
Do like and share this post. I use a combination of trading strategies such as Supply & Demand ( SND ), Harmonics Patterns, Multiple Time Frame Analysis , Candlestick Analysis to name a few. Follow me if my trading style suits you as I will be posting new trade ideas and analysis regularly.
Note
Price nearly hit my Entry price (526-540). Setup is still valid will be keeping this idea live still.. Trading is boring and requires patience, follow the plan and dont jump into the trade prematurely.Note
Price move from buy levels to sell levels (Or supply and demand levels) until one side loses the fight and price penetrates that level. ADABTC is hitting Sell Wall between 512-540. Lets see how it plays out, there may have some sell opportunities.
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