CardanoLong
ADA, broken thru support, on to plan B
Updated
Now that ADA has had a break to the downside of support and corrective structure at (3), it is starting to look like we are in a large trading range (1). The box at (2) is a false break of that level but may also be the bottom end of the range--it is a little unclear where buyers will come in. The trend isn't super consistent across time frames so I plan on being nimble with bullish trades and keeping holding times short.
So now that I am viewing this a potential trading range, whats the strategy? Get long near the bottom of the range (0.13-0.18), get short (if your exchange allows you to do so) at the top of the range, and stay neutral in the middle.
Also, keep in mind that while the long-term trend for the crypto-market in general is still bullish, there is still a good chance that this range will break to the downside eventually--so keep an eye out for signs of weakness--weak bounces, lower highs, reactions with shallow angles.
Also, a break below the lows at (2) would definitely switch my bias to bearish.
*I am mostly just thinking out loud in these posts--I wouldn't consider this a suggestion on how to trade
So now that I am viewing this a potential trading range, whats the strategy? Get long near the bottom of the range (0.13-0.18), get short (if your exchange allows you to do so) at the top of the range, and stay neutral in the middle.
Also, keep in mind that while the long-term trend for the crypto-market in general is still bullish, there is still a good chance that this range will break to the downside eventually--so keep an eye out for signs of weakness--weak bounces, lower highs, reactions with shallow angles.
Also, a break below the lows at (2) would definitely switch my bias to bearish.
*I am mostly just thinking out loud in these posts--I wouldn't consider this a suggestion on how to trade
Note
I've move my entry points lower for ADA--I have several limit orders spread from 0.129-0.145Note
So ADA hit my original target and bounced as anticipated but I'm betting that it will fail to get above resistance before coming down again
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