Cardano / BitcoinShort
ADA/BTC: Big underperformer
Updated
Note: the leading four zero's are omitted in the text for clarity. Example: 0.00002550 is quoted as 2550.
Recent movements are classified as a consolidation phase within the longer term down trend. In other words, ADA is underperforming BTC on a significant scale. Focus remains on the target around 955 as long as the main resistance area around 1440 hovers above the market. A more aggressive approach is to maintain stops at 1325.
Trend: moderately negative
Outlook: late phase down trend, moderately negative
Strategy: avoid or hold-short with trailing stops > 1325
Support: 955*
Resistance: 1325 / 1440 / 1660
Outlook cancelled/neutralized above 1325 or 1440 (depending on your risk appetite)
Recent movements are classified as a consolidation phase within the longer term down trend. In other words, ADA is underperforming BTC on a significant scale. Focus remains on the target around 955 as long as the main resistance area around 1440 hovers above the market. A more aggressive approach is to maintain stops at 1325.
Trend: moderately negative
Outlook: late phase down trend, moderately negative
Strategy: avoid or hold-short with trailing stops > 1325
Support: 955*
Resistance: 1325 / 1440 / 1660
Outlook cancelled/neutralized above 1325 or 1440 (depending on your risk appetite)
Trade closed: target reached
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