Hey, a quick update on ADA. I will keep this idea neutral and show you how I will be playing this scenario. I will also offer a bull and scenario.
Big day tomorrow, as The fed has some announcements.
We closed half of our position for profit on this retest of support and will Build another short position same idea (click on the previous idea/ picture below). We will be taking profit along the way and lowering S/L for profit. We will place several Long bids near the dead cat bounce zone for a quick profit ( DB Target $1.90- $2.30).
If you are on ADA, consider
Accumulating near green box ( bull buy zone) or near support if strong. Also, it won’t hurt to place some bids in the DB zone as it can be a long opportunity for the day.
We are currently Short on ADA and understand the risk of shorting cryptocurrencies leads to the phrase HONEYITSGONE!
We are currently ranging. This consolidation phase may seem weak as we are above support for now. Please take a look at our oscillators(blue highlight). We have noticed a potential pattern that resembles the May highs. Not much change here (READ the previous idea). We will note that sell seems to be picking up, and we are waiting to see a cross on the .
We will build a Short position for ADA, take profit along the way and potentially close our position near bull buy or DB zone. We also have place bids within the DB zone, and if present, we will try to target $1.90-$2.30.
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