After breaking out from the previous wedge, ADA has now had a healthy pull back of 50%, and also retesting the top of the first leg in the extended W pattern.
Looking at the previous 4H candlestick, this hammer suggests a reversal with price rejection below 50%. I'd normally put my entries in at this current point, however I think it would be wise to wait for another candle to confirm my premise. Price is moving slowly as there is a lack of volume, therefore we can afford to take our time with this trade.
As always...Reasons not to enter..yet:
1. We are still in a smaller more recent downtrend.
2. Bitcoin consolidation may affect the momentum of current price in ADA and there may be better opportunities in the short term looking at other tokens.
3. We havent had a close above the smaller descending TL.
4. The key to trading is preservation of capital, there is no need to rush.
Let me know your thoughts in the comments.
Looking at the previous 4H candlestick, this hammer suggests a reversal with price rejection below 50%. I'd normally put my entries in at this current point, however I think it would be wise to wait for another candle to confirm my premise. Price is moving slowly as there is a lack of volume, therefore we can afford to take our time with this trade.
As always...Reasons not to enter..yet:
1. We are still in a smaller more recent downtrend.
2. Bitcoin consolidation may affect the momentum of current price in ADA and there may be better opportunities in the short term looking at other tokens.
3. We havent had a close above the smaller descending TL.
4. The key to trading is preservation of capital, there is no need to rush.
Let me know your thoughts in the comments.
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DAILY VIEW.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
