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CARDANO ($ADA): Can the Coming Upgrade Gets Us a Nice Short?✨ Drop a comment asking for an update, we do NEW setups every day! ✨ Like, Comment & Follow to help the community grow 🎉🎉 --- Cardano is taking the next big step with its Shelley test net. If all goes well, Shelley main net should go live later this year. ADA has room to run here, but with the overall trend so bearish, it is hard to see a run as anything more than a setup for a short. With that in mind, let's look at some optimal levels to short from. Resource: bravenewcoin.com --- 1. Fractal Trend has been showing a downtrend (Maroon bar color) on the daily timeframe for some time. This sustained downtrend naturally has us looking to meet any strength in ADA with a short entry. 2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon) and/or bullish S/R levels plotted by Directional Bias (Maroon). 3. Despite some bullish short term price action with Cardano consolidating within a pennant, We are currently assuming the downtrend will ultimately continue. As such, we are looking for a retest of the nearest key resistance levels to enter short. R2 looks like it will give us a great short term entry, while R3 looks ideal for a medium term short entry. 4. This trade only has two relevant exit conditions. Either we close at our target, or we close if our stoploss is hit. We don't expect to close based on a change in trend, because the trend is so bearish on the daily timeframe that we would likely only see a change in trend after our stop was hit. 5. Finally, it is worth pointing out some support levels below. S1 is relevant because it is our target for our R2 entry. Meanwhile, S2 is the bottom of the long term range that has been forming, while S3 is a total return to ADA's launch price. Of course price can always go lower, but we don't have any other key levels on the daily timeframe chart. Good luck with this one bears.
by AlphaBotSystem
ETH Breaks support, headed lower, downside to $87.00ETHUSD like other cryptocurrency has been in a recent downtrend and the structure for a continued move lower has just confirmed. The support level at $158.00 needed to hold desperately as a triple bottom, that was not the case. Now that price broke out below we expect a move into the next support of $125, retrace into $158 and move into $87.00 based purely on the structure. The volume on the break lower was increased but we want to see more sell volume come out on these swings to the downside. Based on a Fib extension price can move down to $87.00 before testing the $40.00 area. That is only if volume starts increasing dramatically as it did in September/October on the moves lower. OTHERWISE, if there is a rebound on strong volume through $160, we're headed for $210.
KRAKEN:ETHUSDShort
by TRADEPROAcademy
2
[ETHUSD] Descending Triangle Forming - Potential $109 ETH ShortWhile ETH has seen a couple relief rallies in the past week, it doesn't appear to be enough to combat the selling pressure and the lack of buyers in this market. Even with this most recent pump ETH couldn't muster enough buying volume to break out of this downtrend, and instead seems to have posted another lower high for a large descending triangle that can be charted off of the highest point of the rebound off of the drop from $200 ETH, this would be the near $138 high on November 21st. Since then ETH has consistently posted lower and lower highs. There were two points where ETH nearly went into freefall at the $100 mark, on Nov. 25th and 27th. These two lows mark the lower bounds of this large descending triangle pattern. After these lows ETH managed to have a nice relief rally the drove us back up to $125 on Nov. 28th. This formed another "lower-high" point on the upper bound of the descending triangle pattern. Yesterday evening ETH tested the $109 mark, a break through that support would likely have resulted in ETH testing $100 again. Since that point ETH has rallied again. Unfortunately for the bulls this rally has even less volume behind it than the last couple. If the bulls are strong enough we could see them push all the way up to the upperbound of this pattern (also the $120 fib retracement mark). The $119-121 range is hard resistance that is unlikely to break especially on low volume weekend trading. As we can see RSI is very high now after this pump, Stoch RSI looks to be moving for a cross down, MACD bullish divergence seems to be reversing and we are right at the upper bound of this large descending triangle pattern that if it breaks out downwards would represent a continuation of the longer-term downtrend and would likely mean ETH could go below $100 in the upcoming weeks. At this point in time I am seeing this as a strong short entry at $118-121, with stop loss set 5-10% higher and a price target of $109 (last nights support that was tested). I will be shorting until $109 and from there I will reassess the trend and my positions. This trend has been playing out very much like I have expected, if you look at my descending triangle short posted at ETH near $215 you can see that this downtrend is solid and is likely to continue. I will eventually switch to a bullish position when the time is right but short trades seem to be the trend and the easiest to trade within for now. The risk reward on a short at these resistance levels is much better than the r/r on a long off of this pump that is meeting resistance and seeing decreasing volume. **This is not investment advice it is for educational purposes only, trade at your own risk, do your own research, yada yada yada** Happy trading mates!
KRAKEN:ETHUSDShort
by Captainsmugglebutt