Cardano looking for a breakout of actual fibo resistance
Updated
Hello there, this is our view on ADABTC, enjoy!
Analysis:
-On chart:
Basically a small uptrend started after breaking out a big falling wedge. Price has just bounced from historical support and historical support trendline, so it needs to jump from there or die out (in fact fibo retracing would send it to 400 - 310). Price managed very well to break above ema50 and further movement upwards is expected once it has definetely broken out ema100 and wma200, targeting first of all ema200 and then fib and weekly resistances. Currently accumulating over the mid band. Also width looks bullish this term. Ichimoku cloud, bullish itself, doesn't give any clear signs of strenght in order to support price now.
-Technicals:
On the other side oscillators are giving strong signals that a complete reversal has occurred. In fact many of them (chaikin, money flow, relativestrenghtindex, stochastic, ultimate) are growing in an uptrend from oversold. Tho some of them are now witnessing a little overbought, in particular stochastic, ultimate and chaikin, which also formed a bear divergence with price. Stochastic relativestrenghtindex looking for a golden cross which will state a complete resistance breakout. While awesome is stating a good momentum, run up is losing strenght and buyers as states movingaverageconvergencedivergence, whose momentum is neutral. In fact, both of the indicators are showing a lack of momentum now, and also indicating a weakness by forming bear divergences with price. Their uptrend support is still holding so no clear reversal has taken place.
Notice there are very few volumes.
Strategy:
We started approaching double strategies as Binance is giving us margin to try both of them. If 1. was negated, then try 2..
1. Entry (long): 476 - 469 - 463 (average 469)
Target (short-term): 504 - 511
Stoploss: 460
Risk/reward: 4.33
Hint: that's a lot! I tend to stay bearish until my trade is far away from stoploss, but that sounds very good to me, so I would recommend you should long 3x 5x margin.
2. Only if trade 1 goes stoploss
Entry (short): 469 - 479
Target (short-term): 444 - 435
Stoploss: 487
Risk/reward: 2.69
Hint: low r/r ratio, you should adopt a thorough money management (I linked a nice educational image from Excavo).
Disclaimer: this is not a trading advice as it could seem like, we're just enjoying ourselves and spending our time onto this activity. Don't ever trade money you can't afford to lose. Don't do such a trade if you're not self-conscious about what you're doing. If cryptocurrencies are not regulated in your country use them only for speculative interests until they'll be. Feel free to ask us every question you have.
Trade safe and stay at home. Anlvis
Analysis:
-On chart:
Basically a small uptrend started after breaking out a big falling wedge. Price has just bounced from historical support and historical support trendline, so it needs to jump from there or die out (in fact fibo retracing would send it to 400 - 310). Price managed very well to break above ema50 and further movement upwards is expected once it has definetely broken out ema100 and wma200, targeting first of all ema200 and then fib and weekly resistances. Currently accumulating over the mid band. Also width looks bullish this term. Ichimoku cloud, bullish itself, doesn't give any clear signs of strenght in order to support price now.
-Technicals:
On the other side oscillators are giving strong signals that a complete reversal has occurred. In fact many of them (chaikin, money flow, relativestrenghtindex, stochastic, ultimate) are growing in an uptrend from oversold. Tho some of them are now witnessing a little overbought, in particular stochastic, ultimate and chaikin, which also formed a bear divergence with price. Stochastic relativestrenghtindex looking for a golden cross which will state a complete resistance breakout. While awesome is stating a good momentum, run up is losing strenght and buyers as states movingaverageconvergencedivergence, whose momentum is neutral. In fact, both of the indicators are showing a lack of momentum now, and also indicating a weakness by forming bear divergences with price. Their uptrend support is still holding so no clear reversal has taken place.
Notice there are very few volumes.
Strategy:
We started approaching double strategies as Binance is giving us margin to try both of them. If 1. was negated, then try 2..
1. Entry (long): 476 - 469 - 463 (average 469)
Target (short-term): 504 - 511
Stoploss: 460
Risk/reward: 4.33
Hint: that's a lot! I tend to stay bearish until my trade is far away from stoploss, but that sounds very good to me, so I would recommend you should long 3x 5x margin.
2. Only if trade 1 goes stoploss
Entry (short): 469 - 479
Target (short-term): 444 - 435
Stoploss: 487
Risk/reward: 2.69
Hint: low r/r ratio, you should adopt a thorough money management (I linked a nice educational image from Excavo).
Disclaimer: this is not a trading advice as it could seem like, we're just enjoying ourselves and spending our time onto this activity. Don't ever trade money you can't afford to lose. Don't do such a trade if you're not self-conscious about what you're doing. If cryptocurrencies are not regulated in your country use them only for speculative interests until they'll be. Feel free to ask us every question you have.
Trade safe and stay at home. Anlvis
Trade active
First entry was at current price, let's hope it'll touch other entries too and then let's go to the moon!
Disclaimer
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