ADA - back accumulation channel!
I wanted to post the chart since yesterday, but with the South Korea FUD I wanted to see the market movement first. So, last night in my time zone market was crashing and ADA broke support and now is back at accumulation channel, which is a good sign. Let's start to analyze what is the chart is telling us!
Yellow line: This can be resistance or support it depends where is the actual price when you are looking at the chart. Below actual price is support and above is resistance.
White line: This is bullish trend and also can be support
Pink box: This is the accumulation range that price has moving around
Fibonacci tool that has support and resistance lines where the price retraces back and can be use to set you entry or exit point.
Actual price= 0.00005248
Support= 0.00004994
Resistance= 0.00005505
Buy range between 49-55
Short term profit 10% you trade inside the accumulation channel.
Midterm profits once it will break out from the channel 40-80%
Ideal entry is buying around first support or some Satoshis below, and if this coin breaks support, buy around next support line. Usually when it touches strong support there will be a bounce back. Market is unstable, dont forget to set up stop loss around -5% to -15% or even more it depends of your risk tolerance.
Set targets using Fibonacci tools and remember not to be greedy. Goal is accumulate profits, small profits can make a fortune.
Bearish trend seems to be over and we should wait until bullish trend confirmation levels
, watch volume before taking your position.
BE AWARE OF THE MARKET VOLATILITY & ALWAYS CAUTIOUS WITH BTC!
DYOR and trade at your own risk!
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