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.

Any opinions, news, research, analyses, prices, predictions, or other information contained in our publications is provided as general market commentary and does not constitute investment advice. George Saber and Coin Observatory LLC will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: BTC/USD needs $10,200 to blast towards $11,000 – Confluence Detector

A newly released research by Arcane Research says that Bitcoin dominance is at 90% and not 70% as has been widely accepted. The report is published by Forbes is causing quite a stir in the market.

More Bitcoin News

IOTA conquers the 50 SMA following in the footsteps of Ethereum Classic

IOTA price is back in the green alongside several other cryptocurrencies. The grandparent cryptocurrencies Bitcoin is still nursing wounds after the bear’s mauling. $0.2325 - $0.2350 is coming up as an incredible support area. 

More IOTA News

Cryptocurrency market update: Bitcoin real market dominance is 90% leaving altcoins with a mere 10%

New research is showing some interesting features regarding the total market capitalization in the cryptocurrency market. The report published by Forbes on August 22 claims that Bitcoin has a 90% dominance in the market.

More Cryptocurrencies News

Ethereum Classic on full throttle: ETC breaks away from Bitcoin and the park

In a Bitcoin bearish market, Ethereum Classic defies the general trend to post impressive gains. In fact, the crypto has been breaking one barrier after another from Monday this week. 

More Ethereum Classic News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP