While Bitcoin fights to get out of its downtrend, we can make some time for a quick trade. Ardor (ARDR) is the coin of choice.
We are going to aim for a modest return for this trade and we will do it relatively fast, this will be a short term trade.
Ardor (ARDR) Trade Indicators
Here we take a look at the signals that support our trade. We normally look at chart formation, candlesticks , the MACD indicator, trend lines and much more. These signals can tell us if a coin is likely to go up or down.
** Let's start with the order book. Looking at Ardor order book on Bittrex, I can see very strong support around the 5500 satoshis level, and not much resistance to go up. Not having huge sell walls on the order book is a good signal for positive upward movement, it means that there are not too many sell orders to break through, so this increases the chances of going up strong once momentum starts to build.
** Looking at the chart above, there are a few things to notice, we will do this quickly, as I expect this to be a short term trade.
** After several weeks of going straight down, Ardor had a break earlier today and we saw a huge jump in price. This jump coincides with the TD -0.20% indicators count. A new count is starting, we are at candle #1.
** The RSI bounced strong before reaching the oversold levels, and the STOCH and DMI are already trending up. The MACD is curving, but still needs more work.
** The chart is telling that we can have another few positive days. We will use this information to our advantage. This is all based on the daily chart , the chart above is a 4h chart, to better enjoy the action. Let's trade this coin.
Instructions
Buy-in: 0.000051 - 0.000060
Targets:
(1) 0.000064
(2) 0.000068
(3) 0.000073
(4) 0.000080
Stop-loss: 0.0000453
Trade strategy: The goal is to make some quick profits. A short term trade. To have some fun and entertain ourselves while we wait, for the market to be back, for the opportunities that we deserve. So feel free to sell anytime you find yourself in a good spot.
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