ADA About to Reclaim the Trendline – Long Targets
Updated
In my previous TV idea, I posted my concern that ADA is losing the upward sloping trendline support. Although ADA did lose the trendline, it is stubbornly clawing it’s way back. The fact that ADA did not lose its bullish structure is a good sign for a possible future price increase.
ATM, it is not yet clear if the overall correction in the crypto market is over. It is better to wait for confirmation before committing yourself to a trade. However, I wanted to share my long trade Idea. This idea can be activated once ADA reclaims the trendline but remember to keep an eye out on Bitcoin. I find it hard to believe that ADA will start moving forward if Bitcoin doesn’t.
Trade Idea:
• Entry:
0.38 USDT. Reclamation of the trendline. Best if you wait for retest or a candle close above the trendline.
• SL:
0.354 USDT. Local support after losing the trendline on May 26th.
• Targets:
ADA has two daily resistance levels: 0.42 USDT & 0.46 USDT. I think it is prudent to take some profit at these levels because none of us knows what the future holds in store for ADA. However, if this is really a resumption of the uptrend, I am expecting at least the 0.486 USDT level which is the 0.786 fib extension. Possibly more, but we’ll cross that bridge when we come to it.
TP1: 0.42 USDT
TP2: 0.46 USDT
TP3: 0.4866 USDT
You can activate this idea whenever ADA reclaims the trendline. Just be careful. One hot day doesn’t mean summer has arrived. Keep an eye on Bitcoin.
NFA.
Feedback will be appreciated.
Best wishes to all.
ATM, it is not yet clear if the overall correction in the crypto market is over. It is better to wait for confirmation before committing yourself to a trade. However, I wanted to share my long trade Idea. This idea can be activated once ADA reclaims the trendline but remember to keep an eye out on Bitcoin. I find it hard to believe that ADA will start moving forward if Bitcoin doesn’t.
Trade Idea:
• Entry:
0.38 USDT. Reclamation of the trendline. Best if you wait for retest or a candle close above the trendline.
• SL:
0.354 USDT. Local support after losing the trendline on May 26th.
• Targets:
ADA has two daily resistance levels: 0.42 USDT & 0.46 USDT. I think it is prudent to take some profit at these levels because none of us knows what the future holds in store for ADA. However, if this is really a resumption of the uptrend, I am expecting at least the 0.486 USDT level which is the 0.786 fib extension. Possibly more, but we’ll cross that bridge when we come to it.
TP1: 0.42 USDT
TP2: 0.46 USDT
TP3: 0.4866 USDT
You can activate this idea whenever ADA reclaims the trendline. Just be careful. One hot day doesn’t mean summer has arrived. Keep an eye on Bitcoin.
NFA.
Feedback will be appreciated.
Best wishes to all.
Trade active
This idea is still valid. until now ADA wasn't able to hold the 0.38 USD level. If the market keeps dumping watch 0.35 and 0.33 for support. ATM I am not convinced that ADA will go lower.
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