Hint: Prepare for the sell; then take a long at $2.5
Recommendation: Confident short
I purchased Cardano ADA for 90 cents months back. Relentless COVID news on Cardano developments and the upswing of BTC had taken price to 3.0 – a 300% gain for many early buyers. Noob investors continue to rally ” to the moon”- but be wary. The crypto will crash to 2.5 shorty due to extremely overbought levels on the Daily and Weekly . The fear index registers extremely low levels signifying a huge drop in . Wave divergence is further observed on oscillators.
A further observation is a massive institutional order block sitting at 2.5. For hedge funds to collect their profit, price must drop to this zone. This will be the best level to make future purchases
MARKET ORDER RULES
Market order position upon the confluence of valid entry rules on the 4H or 1H chart.
Trading philosophy: Don’t short at the lowest of the momentum nor do we long at the peak of a impulse. The safest entries are at the end of a retrace on the 38.2%, 50%, 61.8% or 78.6% fibonacci back in the direction of the master trend.
4H chart should confirm that the retrace had turned in the direction of master trend. The should have dropped below zero signifying a environment. Price would have dropped below the 10 and 20 . For good measure, check that the 4h and D1 is below the 50 signal line
4H chart should confirm that the retrace had turned in the direction of the master trend. The should have gone above zero signifying a environment. Price had gone above the 10 and 20 . For good measure, check that the 4h and D1 is above the 50 signal line
I am not a financial advisor nor a signal provider. These are the opinions of a 20-year private trader in the legal profession as well as a businessman diversified in the tech and hospitality industries. My favored tools of the trade include wave analysis, price action on the 4H to Weekly timeframes and institutional order flow.
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