Cardano/Bitcoin pair (ADA/BTC) started its bullish run on December 29, 2017, when it surpassed the resistance of 0.00003. Even without a strong base below 0.00003 on January 4, 2018, the pair managed to form a sufficient momentum to maintain its ascent to 0.00008788. In less than a week, the pair grew by almost 192%. Those who bought on the break, with joy made a profit.
January 11, the pair fell to 0,00004412, 13 Jan buying at lower levels could propel the market to 0,00006881.
However, the market participants regarded the rally as the lower maximum. Many have begun to lose ground to preserve their capital. As a result, ADA/BTC formed a series of lower highs and lower lows until it reached 0.00001666 on March 18. Since then, the pair has held a rally, and seems ready to launch another bullish run.
Technical analysis shows that on April 16 Cardano / Bitcoin exceeded the resistance of 0.00003 with an extremely large volume. On April 20, the pair reached 0.00003493, but at this level the market was overbought. Now buyers at the bottom of the profit to resolve overbought readings. This can be your opportunity to enter the market.
The strategy is to wait for the fall and buy as close as possible to 0.00003. If the bulls hold on to this support, chances are they will set up a base before moving on to our 0.00004 target. This process may take less than a month.
ADA/BTC daily chart by Binance
Strategy
Buy: buy on the drop as close as possible to 0.00003
Target: 0.00004
Stop: 0.0000275
This article is exploratory in nature, and in any case does not call you to any particular course of action.