Cardano (ADA/BTC) Technical Analysis (TA) Sell Targets
Here is a new technical analysis (TA) from the Bitcoinik team. ADA just made it in the top 10 cryptocurrencies. Cardano has announced new roadmap. The Cardano 1.5 mainnet is successful and new proof of Stake protocol is added.
ADA is moving upside since the staring of the month. The 1-day chart looks very good. The market is in uptrend channel. We may see a small dump in ADA. The RSI is overbought in 1-day timeframe.
Before the next upside move the market may retest 1320-1380 zone. This is also the golden ratio (0.38) of the Fibonacci series. An ascending triangle pattern is also there which is already broken out upside.
Traders can wait for new entries, place orders between the support zone. A good entry will ensure profits. Traders must use stop-loss below 4-8 percent of their buying price. Risk takers can short ADA on bitmex with 5x leverage. Marginal trading is very risky and you may lose all your money. Trade wisely!
The Bitcoin market is quite stable for a few weeks. Bitcoin may ruin the party of altcoins anytime. Some research firms claim that more than 80 percent the cryptocurrencies exchanges show wrong volume data.
