Cardano (ADAUSDT) Intraday possibilities.ADAUSDT is currently consolidating in a triangle pattern, it could go up or down so we have to trade by looking the price moment if it breaks upside or downside we have to wait for the retest and take the trade in the direction of the price. But if you look at 1.995 there is a good demand zone the price could bounce back from there and give you target upto the EMA 200, making a good 1:2 intraday trade.
ADAUST trade ideas
💡Don't miss the great buy opportunity in ADAUSDT @cardanoTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (2.250).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. ADAUSDT is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 60.
Take Profits:
TP1= @ 2.448
TP2= @ 2.585
TP3= @ 2.797
TP4= @ 3.058
TP5= @ 3.300
SL= Break below S2
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Cardano Symmetrical Triangle Pattern breakout A bullish symmetrical triangle is a bullish continuation chart pattern, the movement preceding the triangle's formation must be bullish.
Breakout CMP - 2.3 USDT (Entry point)
SL - 1.9 USD
TP1 - 3 USD
TP1 - 3.5 USD
P.S. - This is not financial advice, Trade at your own risk.
cardano ada, update
the down side move we estimated was fair enough but the price fails to break below 2.020
the price is consolidating within a pattern of triangle but the rsi showing rise in momentum
lets wait until it gives breakout above 2.150 level the breakout could result in 150points upside to 2.300
downside i am no longer interested in shorting because 2.000 is close by and favorable risk to reward we would get
based on current market structure this could be the possibilities im looking for longs
What are Falling and Rising Wedge Patterns?What Is the Wedge Pattern and Its Common Characteristics?
1. Wedge patterns have converging trend lines that come to an apex with a distinguishable upside or downside slant.
a. Wedge with an upside slant is called a rising wedge
b. Wedge with downside slant is called falling wedge
2. It has declining volumes as the pattern progresses
3. It breaks out from one of the trend lines
Why We Should Pay Attention to Wedge Patterns?
Some studies suggest that a wedge pattern will breakout towards a reversal rather than a continuation more often than two-thirds of the time. Therefore as the rule of thumb, people generally treat a falling wedge as a bullish pattern and a rising wedge as a bearish pattern , especially a falling wedge would be a more reliable reversal indicator than a rising wedge
Since we know a wedge pattern has a higher probability to reverse and due to the fact that the price of wedge pattern converges to a smaller area, we can trade the reversal set up with a relatively close stop loss to its entry price, which provides us with a good trading opportunity with a decent Risk:Reward ratio.
Examples of a Bullish Rising Wedge and Bearish Falling Wedge
Sadly, there is nothing that works 100% in trading. Not every rising or falling wedge will reverse as one might expect. Every trader must properly manage their risk by setting stop losses and not just trading based on price patterns. Below are two examples.
Bullish Rising Wedge ( ETHUSDT during 15/NOV/20 - 28/DEC/20)
In the early stages of the epic 20-21 bull market, if traders blindly treat the rising wedge as a bearish signal and trade accordingly, they would pay a heavy price.
Bearish Falling Wedge ( LTCUSD during 14/AUG/18 - 14/NOV/18)
On the contrary, in the late stage of the 2018 bear market, any trader who blindly trades the falling wedge to bet on a reversal would also learn a hard lesson.
Comment down your thoughts on Wedge Patterns in the comment section.
Disclaimer:
This is just an educational post. Never trade just any pattern. And please do your research before making any trades.
Happy Trading!