✴️ Cardano Update | Still Bullish But...

1 thg 12, 2023

When I opened this chart the drawing was already there, which means that I published something for this pair recently... And yes, the analysis still holds today.

We can see Cardano (ADAUSDT) trading within a range that I labeled "resistance zone". It seems to be true, a resistance zone because the action became choppy right after reaching this level.

➖ Daily ADAUSDT moved below EMA10.
➖ The RSI has been trending lower.
➖ The volume has been dropping...

Correction to follow next?

Any correction if it truly develops is likely to end in a higher low, which means that after the drop we get a continuation of the initial bullish move and so the pair grows.

It is all about patience and waiting or adjusting if you are one of those who daily trade.

Just remember, most traders lose money when day-trading, so it is better to focus on longer timeframe, buy, hold and wait.

Trading can also be successful in the really short-term. Short-term or long-term because the majority of the losses come medium-term.

Whatever you do, whatever you decide to do, whatever works for you, that's ok... Just slow down on the leverage because the trading bots adapt live to every order that you place.

If a big buy/LONG order shows up when the market is ranging, the bots will adapt and try to liquidate the order before moving up. If lots of sell/SHORT orders start to take place, the market will adapt and produce a move or wick higher even if there is about to be a retrace.

When any "excess" has been corrected and greed neutralized by the trading bots, that's when the new move develops... Everything is happening live based on market sentiment, the order books and every action taken by all the participants in this game. But once it starts moving, it is easy to jump in and follow the trend.

Years going down, years going up...
Bullish waves lasting for weeks or months, corrections lasting for several months.

When things are certain, that's when we use high leverage and go long.
When there is doubt, we sit it out... It is not the same now as it was before.

Once everything starts moving, it is harder to predict what might happen next. Because there is room for prices to drop, for prices to rise, for sideways... Fast or slow, it becomes a guessing game.

But, when a major down wave takes place and is followed by a new low, a support level forms and that's when we go long.

When a major rise happens and resistance is set, multiple rejection happen at this resistance then a short can be opened with low leverage because the risk is higher when shorting, it is harder... I recommend this only for experts.

If you are trading spot, so easy... We just hold.
If you don't trust Crypto, then you should trade stocks.

Hold long is easy because soon we will be in 2024.
In 2024 we get a full blown bull-market... More money will be made by holders than by those who think can trade every move because there are millions and millions of people trading and only a small percent get it right, the majority always lose.

Not that people are wise or stupid, not that you or I should change the way we see things or our market approach.

It is just that the game is hard, it moves contrary to the peoples choice.
➖ If the majority choses down, the market goes up.
➖ If the majority aims up, the market goes down... It is just how it works.

The only way to beat this "market psychology", is by gaining maximum experience before trading or looking at the bigger picture. Ignore the noise and that's how the game is won.

This is not financial advice. I am just sharing my personal experience... I am deeply grateful for your continued support!

Namaste.