Cardano (ADA) Bullish Ascending Triangle, 5.11 R/L Ratio
Updated
Cardano is currently in an ascending triangle, & we have bullish divergence on the 1 day chart. This could be a promising long trade. Get in before the breakout and before the bounce from the trendline, don't pay retail.
Buy in:
1828 satoshis
Sell target:
1875 satoshis
Stop loss:
1820 (Max of 0.43% loss)
Or you can avoid selling if you believe the breakout is imminent. Keep in mind it will not follow the triangle exactly and may go sideways. Long as we have higher highs and the same resistance I will remain bullish. This pattern works well in crypto. Risk to reward is over 5, but will probably not follow the trading plan exactly, so should be used as a reference.
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Buy in:
1828 satoshis
Sell target:
1875 satoshis
Stop loss:
1820 (Max of 0.43% loss)
Or you can avoid selling if you believe the breakout is imminent. Keep in mind it will not follow the triangle exactly and may go sideways. Long as we have higher highs and the same resistance I will remain bullish. This pattern works well in crypto. Risk to reward is over 5, but will probably not follow the trading plan exactly, so should be used as a reference.
Thanks for viewing. Leave your thoughts below, I will respond to all of them.
Note
Look at how this pattern played out on IOTA yesterday. Textbook
Note
1941 sats should be the target if we do break out. Note
Trade closed: stop reached
Stopped for now. Risk is too high. I closed at 1828 which was my entry. BTC drop caused this.Note
This trade can recover if btc finds support somewhere.Note
Going to wait for a few more candlesticks to see what will happen.Note
Support still here, rebought some at 1832.
Note
Bitcoin went up and ADA blasted off. Nobody can really predict these events.
Trade closed: stop reached
I ended up selling my position for a 1% loss.
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