A bullish impulsive move of the Cryptocurrency Market Cap last week stimulated the crypto-economy and then some. Spirits are lifted, Crypto Twitter is alive, the market pulse screams overdue bullish volatility.
What could potentially turn into a series of catalyst to set Bitcoin and her companions free and out of the bear market trenches is looming ahead.
Last Thursday evening’s surge in Cryptocurrency prices into the Friday and the weekend appears to be the onset of a relief rally, which if fuelled by an inverse correlation to traditional assets in the form of a hedge, and with the incoming introduction of Bakkt futures, could in-turn create a new wave of BTC mania. We’ll save that for our next publication.
If a relief rally is coming, then taking up key positions in certain assets can generate profitable swing trade opportunities.
Our firm’s current assessment of ADA, Caradno has us eyeing a bullish swing trade with expectations of 50% profits on non-margin positions.
The ADA/BTC Daily chart currently displays 3 Cascading bullish formations,
A descending broadening wedge, and inverse head and shoulders, and a falling wedge.
The Falling wedge is currently the most prominent and in-play with an upwards target of %14.
Upon completion of the current breakout, ADABTC could reach the Neckline relating to both the Inverse Head and Shoulders, and the Descending Broadening Wedge(DBW).
The DBW has been a very well performing formation over the course of last 2 months, with a high probability rate, upon completion.
Moving Averages appear to be acting as support, and the previous attempted breaks have been 3–2 success-fail. So a case for a bullish cross could propel ADA to the above Neckline target at 1325sats.
If the current attempted Falling Wedge breakout fails, and the support level of 1056sats fails, then we expect support at 983sats.
2 trades are on the horizon on a high probability scenario for volatility. Theoretically one can swing the double edge sword entering 2 trades hedged against each other.
A + 14% long Target, and a -12% short one, with appropriate stop losses, and low leverage, there’s much value to be captured.
BEST BROKERS TO TRADE CRYPTO
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