While Bitcoin is still making up it's mind while moving between the 6280 and 6380, ADA offers a very attractive risk reward trade. The risk is still high since Bitcoin is still in control of the bears, but there is such a clear resistance level for ADA. If it breaks it will probably make a good jump up. The volume picture looks good, so the only risk i see here is Bitcoin.
The triangle it's in now, can always go both ways, but since it's so close to this resistance, the bulls might have prepared themselves for a break out. I am risking a small amount on this trade, worth the shot, risking 2% for possible 10% target and maybe even more. I am waiting for a break of that triangle on the upside before entering this trade.
Previous analysis:
Yorum
⋅
Well it made a great rally but the Bitcoin bears have take control again and the market is dropping while i am writing this. Things are not looking that great now. It was worth the shot, but i would use the first red stop level as the stop loss.
Great call bro more of these. Checked it out when you mentioned and agreed.
Poukitoun
⋅
Alts are impossible to predict atm, they are all at the mercy of Bitcoin...
botje11
⋅
@Poukitoun, Yes they are, it really has become more difficult. Because even the most guaranteed patterns fail because Bitcoin chooses to go the other direction.
Is there any suggestion?