Trade Idea- Cardano (ADABTC): Bullish Bias

Daily Timeframe Analysis

A log scale of Cardano (ADABTC) is used on the Daily timeframe for analysis that provides a long term view and/or perspective for trading.

The previous trade idea provided for Cardano (ADABTC) calling for a bullish price swing that provided great result is highlighted on the chart using dotted green lines and the full post can be found below.

http://bit.ly/bullishCardanoAnalysis

It did involve buying ADABTC upon confirmation of an inverted, complex Head and shoulders pattern (or complex, inverted Head and shoulders bottom pattern).

 

Trading Thesis

Cardano (ADABTC) again is trading close to the upper region of its long term support at ~0.00000966. This implies paying attention for the possibility of another bullish price swing. In addition to the current bullish bias is the presence of a symmetrical triangle in the region of the aforementioned support (i.e. ~0.00000966).

Key levels to focus on: 0.00001219, and 0.00001143 (based on data from BINANCE).

Outlook: The expected trajectory of price is marked on the chart with 0.00001832 used as the minimum profit target.

Conservative Strategy

The most conservative strategy to initiate a long (bullish trade) is to buy on a break above 0.00001219.

Stop loss for this scenario is ~0.00001139.

Aggressive Strategy

A long (buy) strategy that is considered the most aggressive involves buying as soon as price reaches support at ~0.00000966

Stop loss for this scenario is ~0.00000898.

Note: Prices can vary between Cardano exchanges. As a result, there may be differences in the charts provided above due to different data sets.