ADA/BTC - LONG over 1000 satoshi.
Updated
Cordano (ADA/BTC) has had an incredible run up after it's ICO reversal back in late October.
We can see some clear resistance and consolidation between 1000 and 2000 satoshi.
I'm going to be adding to my position at 1025 satoshis. If my buyer doesn't fill, and we see confirmation of a breakout above the 0.618 fib retracement level and will buy in at 1400 satoshis.
My first target will be just above old ICO highs at 2200 satoshi, which is also just short of the 1.618 fib retracement level.
My second target will be at 3100 satoshi, just short of the 2.618 fib retracement level.
SUMMARY
Buy level 1: 1025
Buy level 2: 1400
Target 1: 2200
Target 2: 3100
We can see some clear resistance and consolidation between 1000 and 2000 satoshi.
I'm going to be adding to my position at 1025 satoshis. If my buyer doesn't fill, and we see confirmation of a breakout above the 0.618 fib retracement level and will buy in at 1400 satoshis.
My first target will be just above old ICO highs at 2200 satoshi, which is also just short of the 1.618 fib retracement level.
My second target will be at 3100 satoshi, just short of the 2.618 fib retracement level.
SUMMARY
Buy level 1: 1025
Buy level 2: 1400
Target 1: 2200
Target 2: 3100
Trade active
My buy order triggered at 1025 satoshi, but did pull back quite a bit further than expected.I'm still holding 1025, new support looks like previous resistance. I have set a stop loss at 870 and if triggered will be re-evaluating.
I believe this bigger price drop is due to FOMO buyers on Bitcoin driving the price to new All Time Highs.
Trade active
Updating and closing this trade. My stop loss triggered at 870 satoshi on Dec. 6th. Waited for confirmation of a floor and uptrend, repositioned 715 satoshi on Dec. 8th.First target has been reached, closed 1/4 of my position. Will be sell order set at 3100.
Next targets: 3900 and 4500
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