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ADABTC trade ideas

Cardano (ADABTC) - Coin of the weekCardano is a proof-of-stake blockchain network that aims to empower "changemakers, innovators, and visionaries" to effect lasting social change. The open-source project also seeks to "redistribute control from unaccountable institutions to the margins to people," resulting in a more stable, accessible, and egalitarian community. Cardano has a price today of $1.22 USD with a 24-hour trading volume of $6,719,866,914 USD and a market capitalization of $39 billion. It has a circulating supply of 31,948,309,441 ADA coins and a max. supply of 45,000,000,000 ADA coins. Cardano started an uptrend on the daily timeframe in the middle of January and topped on the 27th February at the price of 0,00003195 BTC per ADA. From the 27th of February until today we are in a retracement that looks (now) like its correcting for at least one more leg up. On the 4h timeframe we have a structure that started in the middle of March and it’s still developing. Crucial zones that will determine the future direction of this pair are the support area and the minor resistance marked on the chart. If we see a down move that will break the support it will increase the chances for a deeper retracement. If it will break the minor resistance and will consolidate there, we should see the price trying to reach the major resistance. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Short
by financialflagship
38
ADABTC - Head and Shoulders on the dailyIf this head and shoulders is confirmed for the ADA-BTC pair, it's going to get very very ugly, and probably very quickly. The downside is massive from the top of the head to the neckline, measured below the potential bearish break point. The overall trend is still very bullish, but short term momentum has slowed, which could potentially lead to larger breakdowns in price action depending on what the BTCUSD pair does in the coming days. The most recent 5-7% dip in BTCUSD price weakened a lot of other crypto pairings, causing similar pullbacks market wide. If that dip turns into a longer term correction, odds start to stack up against a continuation of the bullish trend, and start leaning into bearish territory. My plan is to remain watchful for breaks below any key levels of support, and to exit positions if that occurs, without hesitation.
by Crypto_Mayhem
1