ADAUSDT - Possibility of breakout and continuation
Updated
Hi everyone,
This is a possibility I am considering for Cardano. I think the chart explains the idea itself. RSI bullish divergence and MACD bullish divergence, both identified. Therefore I will be watching the volume during the next few days, as a signal for a potential breakout from the current pattern. The support around 0.0555 should help this chance. In any case, I will wait for the breakout, hopefully near the .618 retracement.
I will be updating this content.
*Not financial advise. Just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
This is a possibility I am considering for Cardano. I think the chart explains the idea itself. RSI bullish divergence and MACD bullish divergence, both identified. Therefore I will be watching the volume during the next few days, as a signal for a potential breakout from the current pattern. The support around 0.0555 should help this chance. In any case, I will wait for the breakout, hopefully near the .618 retracement.
I will be updating this content.
*Not financial advise. Just sharing my ideas :)
Feel free to give your feedback/opinion. Thanks for reading!
Note
Watching carefully. High volatilty at the moment, could be a false breakout.Trade active
Bought a portion during this breakout. Not fully convinced, as I expected this in lower levels, but let's see where it goes.Trade active
The way I see it, keep the trade active. If a candle closes inside the wedge I will close manually the trade and proceed the same way in lower level. I still think this could be a false breakout.Note
Bit more than one hour to close the last 4h candle. It is fighting to close inside/outside the wedge. I do see a bearish cross in the MACD that pushes me to lean bearish. Still holding the partial position though.Note
Why only partial? I do not believe much in this breakout. The condition for me to believe strongly is if I see increasing volume for many candles. I do think it will dip to the lower Fibonacci level.Note
As you can see, Cardano and many other alts are being hammered. All is going according to the main plan though, and the partial buy was wrong and indeed was a false breakout (not enough volume was a sign).Therefore, waiting for the price to test next support level and see how is the reaction.
Trade active
Volume increase and....breakout!Trade closed manually
Setup stop loss and take profit as you like :) Be always thankful for every succesful trade.Thanks for reading this setup, my pleasure.
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.