Long-Term Trade 120% Potential No Leverage
TLDR:
ADA finished its correction.
The target for the next impulse is between 1.17 and 1.25 Dollars.
Background:
Between ADA October 18th and December 12th, 2023, ADA’s price rose 186% to 68 cents.
Following this impulsive PA, ADA entered a correction that lasted 42 days with an overall correction of 35%.
The proportion between the impulse and the correction from the time and price perspectives is ideal.
ChoCh:
ADA is about to cross above the 52-cent level, the last LH. If ADA crosses above the 52-cent level and retests it as support, I will consider it a bullish ChoCh and an early indication that the trend will likely change to an uptrend.
S/R Levels:
Resistance: 0.62, 0.68, 78-90, 1.25
Targets:
The 1:1 extension is the Minimum Target. However, I expect ADA to achieve the 1.618 extension at least because I consider this a wave 3.
Trade Idea:
Entry: 0.52
SL: 0.48
Target: 1.15
TP: 0.68, 0.78, 0.90, 1, 1.15
R: R: 1: 4.23 to first TP
NFA
What do you think? Please share in the comments
Best Wishes
ADA finished its correction.
The target for the next impulse is between 1.17 and 1.25 Dollars.
Background:
Between ADA October 18th and December 12th, 2023, ADA’s price rose 186% to 68 cents.
Following this impulsive PA, ADA entered a correction that lasted 42 days with an overall correction of 35%.
The proportion between the impulse and the correction from the time and price perspectives is ideal.
ChoCh:
ADA is about to cross above the 52-cent level, the last LH. If ADA crosses above the 52-cent level and retests it as support, I will consider it a bullish ChoCh and an early indication that the trend will likely change to an uptrend.
S/R Levels:
Resistance: 0.62, 0.68, 78-90, 1.25
Targets:
The 1:1 extension is the Minimum Target. However, I expect ADA to achieve the 1.618 extension at least because I consider this a wave 3.
Trade Idea:
Entry: 0.52
SL: 0.48
Target: 1.15
TP: 0.68, 0.78, 0.90, 1, 1.15
R: R: 1: 4.23 to first TP
NFA
What do you think? Please share in the comments
Best Wishes