Cardano (ADA/USD) Long Breakout Setup
This is a long (buy) setup for Cardano (ADA/USD) based on a breakout from a descending channel. The price has broken above the resistance trendline, indicating a potential bullish continuation.
Entry Point:
Around the breakout level, confirming support above the descending channel.
Stop Loss:
Placed below the breakout point at $0.90498, minimizing risk if the breakout fails.
Take Profit 1 (TP1):
$1.15004, where price may face initial resistance.
Take Profit 2 (TP2):
$1.30188, a stronger resistance level that could serve as an extended target.
Trade Rationale:
A breakout from the descending channel signals a trend reversal.
Moving averages are turning upwards, supporting bullish momentum.
The risk-to-reward ratio is favorable, with clear entry, stop-loss, and take-profit levels.
Volume increase on breakout adds confidence to the trade.
Entry Point:
Around the breakout level, confirming support above the descending channel.
Stop Loss:
Placed below the breakout point at $0.90498, minimizing risk if the breakout fails.
Take Profit 1 (TP1):
$1.15004, where price may face initial resistance.
Take Profit 2 (TP2):
$1.30188, a stronger resistance level that could serve as an extended target.
Trade Rationale:
A breakout from the descending channel signals a trend reversal.
Moving averages are turning upwards, supporting bullish momentum.
The risk-to-reward ratio is favorable, with clear entry, stop-loss, and take-profit levels.
Volume increase on breakout adds confidence to the trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.