$ADA/USDT 4h (Binance Futures) Trendline breakdown and pullback
Cardano just got rejected on 200MA retest, looks weak for coming days, let's look hedge with that set-up!
This is quickly becoming a leading #DApp / #SC (Smart Contract) development platform, more information on cardano.org
If you don't usually short, you can use targets to place bids on Spot
Current Price= 2.0548
Sell Entry= 2.0948 - 2.1478
Take Profit= 1.9914 | 1.9106 | 1.7861
Stop Loss= 2.2256
Risk/Reward= 1:1.25 | 1:2.02 | 1:3.21
Expected Profit= +24.48% | +39.72% | +63.20%
Possible Loss= -19.68%
Fib. Retracement= 0.382 | 0.618 | 1
Margin Leverage= 4x
Estimated Gain-time= 3 weeks
This is quickly becoming a leading #DApp / #SC (Smart Contract) development platform, more information on cardano.org
If you don't usually short, you can use targets to place bids on Spot
Current Price= 2.0548
Sell Entry= 2.0948 - 2.1478
Take Profit= 1.9914 | 1.9106 | 1.7861
Stop Loss= 2.2256
Risk/Reward= 1:1.25 | 1:2.02 | 1:3.21
Expected Profit= +24.48% | +39.72% | +63.20%
Possible Loss= -19.68%
Fib. Retracement= 0.382 | 0.618 | 1
Margin Leverage= 4x
Estimated Gain-time= 3 weeks
Trade closed: target reached
TP1 reached with +24.48% (4x) and +1.25RCardano hit the supply zone one last time before retracing more as expected, nice hedge!
SL moved down to highest entry (2.1478$) and let it run towards lower targets.
Trade closed manually
Remaining position closed with -5.00% (4x) and -0.26RCardano regained 200MA support and broke-out bullish earlier than planned.
Continuation seems in play, we'll look for long entry after a decent pullback.
Note
TP3 would have been reached with +63.20% (4x)Cardano distracted us on a fake break-out that turned out to be a bull-trap!
Seems like it would have been worth holding or re-entering that short after all, let's keep an eye on it for the recovery to come.
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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.