ADA - still marinating, but get your knives ready...

Hope you're doing well, if not, you're going to feel a whole lot better after reading this:

ADA has been climbing steadily down a triangle pattern and hitting highs and lows within the identified support and resistance lines. RSI and CCI levels are not showing strong signs of a breakout yet...but look like they are heading there...

Based on the current pattern and previous support/resistance, I suspect that it will hit a low below around the 4150 and 3920 range, From there is should bounce to the 4700 mark where there is very strong resistance. The closer the low gets to 3900s, the higher change of breaking the 4700.

There is strong support around 3800 so if it breaks that it will like result in a massive sell-off.

Scenario 1: Blue Dash
Scenario 2: Purple Dash

Buy Range: 4150 - 3920

Sell Targets:
60% - 4450
30% - 4520
10% - 4690

Timeline: Feb 12 - Feb 16

Note: What happens with BTC will likely impact ADA so it may change everything.

Lastly, you are responsible for your own action/trades, I'm doing this for fun/not suggesting anything.

P.S: I welcome any feedback or questions

Thanks,
A

Note

Watch for increased volume to determine when to enter a trade, will likely determine where the bounce will happen

Note

Still dead on, volumes are increasing but watch BTC to decide when to enter. Looks like there is a bear flag forming on BTC which will probably take ADA lower than 4150, lets see....

Note

Just got a hammer candle on the 1 hr chart with volumes picking up, also hit a support of 4075 - this might be it, pass the sauce :)

Trade active

BTW - this is what i'm looking at:

Note

Hard to say what will happen from here, but so far it's following scenario 1 and looks to have broken on the upside of the identified descending triangle - but we should have confirmation in the next few hours either way....really needs a clear breakout from the 4200 mark

BTW - this is what i'm looking at...

Trade active

Healthy movement up the scenario 1 blue dash, couple things to watch for -
RSI and CCI - too high could result in an extreme bear movement (based on past observations)
MACD - still looks bullish
Volume - not great, needs to be higher to get to the higher highs

As always, this is what i'm looking at:

Trade active

Not over yet, conditions are now identical to right before the spike on Feb 8th leading into Feb 9th. I would say this trade is still open till about 6AM EST (next 7 hours), if at that point we don't see any upward action, I would close this trade.

Trade active

Hello traders, as you have already observed, Scenario 1 is dead

Trade is following scenario 2 from my original post (purple dashed line) (I have to admit, I didn't think it was likely or the jump would take this long). Bounced nicely off the 3825 major support and we need to see a upswing in the next 24 hours to remain accurate. The lower low indicates a bigger jump if/when it happens

Note

Order cancelled

Trade is cancelled, I'm still pretty positive that this will shoot up, but I got the timing wrong. One of the main things missing were the volumes, just didn't have the right amount to carry ADA up. We''ll see what happens in the next few days and modify the strategy for this coin in the future.

Any other insight/your thoughts as to what is going on would be great

allawi

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allawi