$ADA/USDT 4h (Binance Futures) Trendline breakdown and pullback
Updated
Cardano just got rejected on 200MA retest, looks weak for coming days, let's look hedge with that set-up!
This is quickly becoming a leading #DApp / #SC (Smart Contract) development platform, more information on cardano.org
If you don't usually short, you can use targets to place bids on Spot
Current Price= 2.0548
Sell Entry= 2.0948 - 2.1478
Take Profit= 1.9914 | 1.9106 | 1.7861
Stop Loss= 2.2256
Risk/Reward= 1:1.25 | 1:2.02 | 1:3.21
Expected Profit= +24.48% | +39.72% | +63.20%
Possible Loss= -19.68%
Fib. Retracement= 0.382 | 0.618 | 1
Margin Leverage= 4x
Estimated Gain-time= 3 weeks
This is quickly becoming a leading #DApp / #SC (Smart Contract) development platform, more information on cardano.org
If you don't usually short, you can use targets to place bids on Spot
Current Price= 2.0548
Sell Entry= 2.0948 - 2.1478
Take Profit= 1.9914 | 1.9106 | 1.7861
Stop Loss= 2.2256
Risk/Reward= 1:1.25 | 1:2.02 | 1:3.21
Expected Profit= +24.48% | +39.72% | +63.20%
Possible Loss= -19.68%
Fib. Retracement= 0.382 | 0.618 | 1
Margin Leverage= 4x
Estimated Gain-time= 3 weeks
Trade closed: target reached
TP1 reached with +24.48% (4x) and +1.25RCardano hit the supply zone one last time before retracing more as expected, nice hedge!
SL moved down to highest entry (2.1478$) and let it run towards lower targets.
Trade closed manually
Remaining position closed with -5.00% (4x) and -0.26RCardano regained 200MA support and broke-out bullish earlier than planned.
Continuation seems in play, we'll look for long entry after a decent pullback.
Note
TP3 would have been reached with +63.20% (4x)Cardano distracted us on a fake break-out that turned out to be a bull-trap!
Seems like it would have been worth holding or re-entering that short after all, let's keep an eye on it for the recovery to come.
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