ADA inches out of descending triangle
ADA inching out of potentially bullish descending triangle. Volume is very low right now which indicates that supply is dwindling, and all it will take is a big buying spree to send it higher.
Of course, it is possible for ADA to break down here and go below support again, where there is ample buying pressure to keep it in the 1 - 1.20 range.
I see 1.20 as support right now and good place to buy with a 10-13% stop loss.
First profit target is 1.49 which is previous local high and the new ATH to break. There will be strong resistance at 1.49.
If ADA breaks 1.49 on strong volume, expect to retest 1.49 and break back down below it on a violent pullback. Such is the way.
Therefore if you're trading, 1.49 is about 25% up from here, so it's a good first place to take profits or close out all together depending on your trading time frame.
The crypto markets change on a dime with the wind, so always be prepared and use stop losses if you're trading it.
Of course, it is possible for ADA to break down here and go below support again, where there is ample buying pressure to keep it in the 1 - 1.20 range.
I see 1.20 as support right now and good place to buy with a 10-13% stop loss.
First profit target is 1.49 which is previous local high and the new ATH to break. There will be strong resistance at 1.49.
If ADA breaks 1.49 on strong volume, expect to retest 1.49 and break back down below it on a violent pullback. Such is the way.
Therefore if you're trading, 1.49 is about 25% up from here, so it's a good first place to take profits or close out all together depending on your trading time frame.
The crypto markets change on a dime with the wind, so always be prepared and use stop losses if you're trading it.
Dagangan ditutup: hentian tercapai:
Stopped out of the trade as ADA breaks down through support, expecting it go lower the next few days and looking for reentry at lower supports around .99
@eddietradezz
