ADA / BTC preparing my trade
Updated
Will be watching ADA / BTC the next few days. I am looking for one of two possible trades.
Currently, the downtrend seems to have been broken, BUT there's no Higher High yet. So it's either a fakeout, or a delayed breakout.
Setup:
1. I'll open a short close to the previous top, which is decent resistance. The profit opportunity from this trade is huge.
2. If the short trade fails, i'll wait for confirmation of breakout (retest of previous resistance) and open a long with less profit target, but still decent.
Currently, the downtrend seems to have been broken, BUT there's no Higher High yet. So it's either a fakeout, or a delayed breakout.
Setup:
1. I'll open a short close to the previous top, which is decent resistance. The profit opportunity from this trade is huge.
2. If the short trade fails, i'll wait for confirmation of breakout (retest of previous resistance) and open a long with less profit target, but still decent.
Note
I see a sim. triangle forming. This is a continuation pattern of previous trend (bearish). There are 2 ways we can approach it:1. Aggressive approach: Short below trendline with a SL above previous high (much riskier)
2. Conservative approach: Wait for trendline break, then wait for lower low and retest of previous low resistance. This will allow for a much tighter SL.
Note
Symmetric triangle evolving in a predictable manner. As we stand now, a breakdown through support would provide a nice setup with a good Risk/Reward.But we might be swinging in this triangle for a few more days before a decision is made.
Note
Such a clean pattern. for every resistance there was a clean breakout + retest. great opportunity to go long. Too bad i was offline and didn't get the chance to hop in. Still a nice clean breakout. Note
Buy target 1 reached. I am keeping my long position open, but raising my SL around 2.7k level (just below it). 
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