Cardano has been one to watch recently with really high volatility.
We can see that ADA has been making a series of impulses and corrections and we appear to be in a correction now.
We are within a falling wedge and we recently tested the 61.8 fibonacci and rejected it, which also falls in line with the parallel channel support. We could just consolidate here for a little while and even go beyond the channel before we get a move. They key area to watch is the descending red trendline for a breakout as that would confirm the correction has ended.
Trade Idea:
- Watch for a breakout of the falling wedge
- Enter with stops below the recent swing low
- Target the recent highs as first TP and the -0.27 as second TP.
What do you guys think? Leave your comments below!
We can see that ADA has been making a series of impulses and corrections and we appear to be in a correction now.
We are within a falling wedge and we recently tested the 61.8 fibonacci and rejected it, which also falls in line with the parallel channel support. We could just consolidate here for a little while and even go beyond the channel before we get a move. They key area to watch is the descending red trendline for a breakout as that would confirm the correction has ended.
Trade Idea:
- Watch for a breakout of the falling wedge
- Enter with stops below the recent swing low
- Target the recent highs as first TP and the -0.27 as second TP.
What do you guys think? Leave your comments below!
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🥃 Crypto Signals Since 2017 🥃
💎Telegram t.me/AltSignals 💎
📈 Signals/Algos altsignals.io/join 📈
💎Telegram t.me/AltSignals 💎
📈 Signals/Algos altsignals.io/join 📈
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.