CardanoLong
ADA, what we've been waiting for?
Updated
If you've read my previous ideas on ADA over the last few days, you'll know I am bullish on ADA both from a technical and fundamental perspective. I won't recap my reasoning here, but will instead refer you to my previous ideas if you're interested. I have updated the chart here with some additional labels, but note that the channel and triangle lines remain the same. I believe this validates my previous analysis, so yay i guess :)
I personally have been waiting and watching, and waiting some more, for ADA to reach the end of the triangle formation shown in the chart. While sometimes we see an early breakout from the formation before it is fully formed, ADA kept us waiting until the absolute last second before breaking out. It is still early, but the price movement has been significant over the last hour or so as we push towards the first test of resistance. Note the orange lines which indicate previous resistance levels.
As ever, we will almost certainly test these levels on our way up. I will be keeping a close eye on both of these levels (1.20 in particular) and will be adjusting stops/profit taking to reflect whatever happens. I am still of the opinion that we could be looking at a ~30% near-mid term upside here, and will be trading accordingly. Provided we can break resistance, the next place to look will be the ATH, but discussing that feels a bit preemptive, so I'll save it for later.
A note: This is not financial advice. I'm just a dude who likes finding patterns in markets and exploiting them for profit. Sometimes it works. Sometimes it doesnt. No idea which one is happening now ;)
If anything about my thinking seems wrong, please let me know. And if you think I'm on point, i'd love to hear that too :)
I personally have been waiting and watching, and waiting some more, for ADA to reach the end of the triangle formation shown in the chart. While sometimes we see an early breakout from the formation before it is fully formed, ADA kept us waiting until the absolute last second before breaking out. It is still early, but the price movement has been significant over the last hour or so as we push towards the first test of resistance. Note the orange lines which indicate previous resistance levels.
As ever, we will almost certainly test these levels on our way up. I will be keeping a close eye on both of these levels (1.20 in particular) and will be adjusting stops/profit taking to reflect whatever happens. I am still of the opinion that we could be looking at a ~30% near-mid term upside here, and will be trading accordingly. Provided we can break resistance, the next place to look will be the ATH, but discussing that feels a bit preemptive, so I'll save it for later.
A note: This is not financial advice. I'm just a dude who likes finding patterns in markets and exploiting them for profit. Sometimes it works. Sometimes it doesnt. No idea which one is happening now ;)
If anything about my thinking seems wrong, please let me know. And if you think I'm on point, i'd love to hear that too :)
Note
Anyone else staring at the ADAUSD chart just waiting? My read at the moment is as follows:Yesterday, we had a nice little run up to ~1.18, but we bounced off that resistance ( a little lower than I had expected, for the record) and found ourselves back in a holding pattern in pretty short order. The behavior of the market points to strong buyside enthusiasm in my view, but with a healthy amount of pragmatism. I think the bulls (myself included) are looking at this as an "when not if" situation and are eager to catch the low point before the run. Whether that comes at the current level as I've suggested, or at a lower level (lets say 0.85-0.95 as I've read from others) remains to be seen, but you know my opinion on that already.
My plan at present continues to be to hold my existing positions, and to DCA should the price drop as others have predicted. I really don't see a huge downside here, even if the price should drop to levels others have predicted (but stoplosses are your friend). I think the upside movement to follow will more than make up for any near term declines. Beyond that, I remain in ADA for the long haul. I'm not going to lose sleep over the dips to come, because I believe in the long term strength of the Cardano project and ADA by extension.
Ok, thats all for now. Please let me know if you disagree with my assessment; I welcome any and all feedback on my ideas, positive or negative. Also, if you like my rambling analyses, consider following me ;)
Standard note: Not financial advice. Be sure to read all the analyses out there, not just the ones that support your viewpoint, and trade however you see fit...or don't. Totally up to you :)
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