ADA short position for +19% gainHi everyone,
Just a brief post to show where I entered a short position (red boxes), where I will add to it, and where I will close it (if everything goes to plan). One thing I think people who hold a bullish perspective must admit is that right now the price is facing a lot of resistance to rising. This is why after entering in the first red box at the 0.618 fib retracement level, I added to my position in the second red box (above). While, my initial red box was slightly low in view of the price action, I haven't been stopped out in 3 days of weak price action (my stop is just above the wave 5 high). Now, the loss in upward momentum is switching so I thought I would float my short position out there.
Please don't infer my view on Cardano as a project from this position - which is 100% based on technical analysis of ADA and BTC price action.
In my view, we have seen the end of wave B, with wave C now commencing. If I am right then I should net a 19% gain in a couple of days. If I am wrong I will update. This is posted for my own education and isn't financial advice. Let's see how I go... Thanks for viewing.
