Long ADA/BTC - Target at 68 % profit
In addition to its interesting project and strong fundamental Cardano shows a nice potential of appreciation upward in the short-term.
ADA seems to be importantly oversold when looking at the Bowlinger bands having touched the lower bound several time, MACD direction and momentum also shows that ADA/BTC seems to be in an oversold situation.
This indicates a long entry point on ADA at the current price level. ADA is approaching a strong resistance line and could rebound to previous Fibonacci retracement level. The one we are looking at is the 0.5 one that would lead to a 68 % gain from current price.
In order to edge the position should ADA break below the support, I set a stop loss at -20% from entry point.
ADA seems to be importantly oversold when looking at the Bowlinger bands having touched the lower bound several time, MACD direction and momentum also shows that ADA/BTC seems to be in an oversold situation.
This indicates a long entry point on ADA at the current price level. ADA is approaching a strong resistance line and could rebound to previous Fibonacci retracement level. The one we are looking at is the 0.5 one that would lead to a 68 % gain from current price.
In order to edge the position should ADA break below the support, I set a stop loss at -20% from entry point.
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