Keeping an eye on.. ADA Short term and Mid Term Prediction

Cardano is showing strength against the Market trend. Cumulative Volume Delta shows the more aggressive traders are selling BTC right now, whereas the aggressive sellers on ADA are noticeably weaker.

Until there is at least a second wave of weaker aggressive sellers I don't want to think about going bullish on BTC or anything else for that matter. Although Cardano is something to keep an eye on if the market turns. It looks like it could lead the market coming up, which it did last year on its way to its ATH.

MID TERM IDEA

As you see, CVD shows that Cardano has stronger aggressive market buyers.

If ADA can break the Kumo cloud, if the chinko span breaks into the cloud at the very least, then at that point ADA is at approx .68, and a good mid term trend continuation trade is there. As long as the market is able to garner some positive momentum at this point in mid to late July.

SHORT TERM IDEA

Major Triangle is coming up, if it breaks below .40 then it could go all the way down to .32. Was the drop from the ATH down to .80 the A wave? If so, it could have a long way to go down now that it is in the C wave.

If we break below the bottom trend line, we need some more market sellers than we currently have. The question is if the market can remain negative for the next few days. If there is more fear, then it could trigger the drop to .33 which would would be a good trade for a few reasons, along with an entry on the hourly chart below.

1. Trading with the market downtrend
2. Good risk reward ratio

You have options, higher percent option is entering when it breaks bottom line with a tight stop around .4350 or the lower pct play when it breaks the kumo at the 2nd arrow. This probably won't be a good trade if the market has already turned positive at the same time, so it depends what the sentiment is in the next few days.

michaelvbortolin

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.