Long position on ADA

Good idea?

  • Yes

  • No ur shite kid

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Nash Commerce

Nash Commerce

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Just entered a long position on ADA. Too lazy to type it out but if you know charts you'll understand, if not ask questions.
Trade was made mainly on technicals of our trading range, a 47% correction on bitcoin, ADA being at historical resistance, and both assets being at key fibonnaci retracement levels (.618 pocket)

BTC/USD chart because the whole market follows BTC of course.

Ah7niksv


ADA/USD Chart (what I bought)

hvd2x7Xq
 
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Sheesh, up like 10% already.
Will probably take profit tomorrow depending on how BTC chart plays out.
 
what's your thoughts on btc how long it will take to reach back at 70k?
 
jordan20896 said:
what's your thoughts on btc how long it will take to reach back at 70k?
Click to expand...

im not sure, I’m not even sure if the bull run is still in effect, i mean technically it is. But I’d say it’s like 55/45 55% chance we go back and break all time high, 45% chance we start a new downtrend.

This market is so unpredictable. That’s why I like playing these 1d & 4 hr charts between ranges that have higher probabilities of playing out instead of going all in saying oh moon, or oh shit it’s over. You can make money either way, you just need to learn to trade on probabilities and not trade on numbers or emotions.

that being said the probabilities show a likelihood of going back up and retesting $50k as resistance.
 
Definitely a good idea. I am quite confident that we are still in the bull run. I mean, why wouldn't we be?

Sure, we're in a big dip right now, but that's nothing out of the ordinary for cryptos. It's just that due to a long list of peculiarities of the crypto markets in 2021, the swings are much crazier now than they were in, say, 2017.

I think we are still going to see some downward hiccups in the coming weeks or so, but from there on, we'll have a strong upward trend to ATHs. This is not investment advice, though, so DYOR.
 
Been trading in Indian Markets for the past 12 years (not much active in crypto though).
From the chart => BTC looks to have formed a strong bottom...
For ADA - I have seen that rising pattern multiple times - 7/10 times it keeps going up.
Highly volatile trade in the last 2-3 sessions - perhaps to shake off weak hands.
So yes in your ADA trade - odds seem to be in your favor!
 
Yeah I’m just hesitant because the structure looks so familiar to 2017 crash, plus the fact that public figures and hype are such a big factor this time around. Institutional money is also a larger factor. Hype and market makers are controlling all of it, if they want it to dump it will. That’s why I don’t like making big predictions like that, but yeah it seems like we’re still in good shape for upward price action. I should’ve probably gave it 65/35 or so.
 
Nash Commerce said:
im not sure, I’m not even sure if the bull run is still in effect, i mean technically it is. But I’d say it’s like 55/45 55% chance we go back and break all time high, 45% chance we start a new downtrend.

This market is so unpredictable. That’s why I like playing these 1d & 4 hr charts between ranges that have higher probabilities of playing out instead of going all in saying oh moon, or oh shit it’s over. You can make money either way, you just need to learn to trade on probabilities and not trade on numbers or emotions.

that being said the probabilities show a likelihood of going back up and retesting $50k as resistance.
Click to expand...

Didn't really get the main post but this answer shows you know your sh**** :)
 
I agree ADA is a great long term investment, but I do have a couple concerns. 1. Proof of History vs. Proof of Stake? -and- 2. Which will the Fed see as the best CBDC option considering previous statements about MIT, ADA or Algorand?
 
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Im also all in ADA. I hope it all turns out well. I bought at 1.98then at 1.3
 
Have you checked out radix?

Specifically built for defi), but can be used for anything

I am longterm on the project it has been in development for over 8 years. Can do a writeup if you guys please.
 
Where is your liquidation point? If it's below $1.40 you'll be fine.

Good short term exit points are:

- $1.86
- $1.92
- $1.98
- $2.10
 
alus1onZ said:
That's how you play the game! Congrats!

Most of the people don't know when to pay themselves and that's why they get rekt.
Click to expand...

Thanks boss man, I think there’s a time and a place for everything. There were times in this bull run I got into eth at $375 and sold at $1150 and xrp at $0.17 sold at $.50 and took profits too early and left a lot on the table. One of the most valuable things I’ve learned this year honestly, realizing what stage of a market you’re in and how to maneuver that time frame and market scenario.
 
Nash Commerce said:
Thanks boss man, I think there’s a time and a place for everything. There were times in this bull run I got into eth at $375 and sold at $1150 and xrp at $0.17 sold at $.50 and took profits too early and left a lot on the table. One of the most valuable things I’ve learned this year honestly, realizing what stage of a market you’re in and how to maneuver that time frame and market scenario.
Click to expand...
Never regret exiting on profit, even if the price goes brrrr after that. You'll always have another opportunity for long or short.

Concentrate on the success rate of your trades (it should be above 70%), don't stay too long in a trade and the money will come.


P.S. If you want to truly understand the market cycles and market psychology you should watch Traders Reality on YouTube.
 
Supposedly the next bigger update is in 3 months or 90 days (?) (if not delayed again).

Based on the founder's words in his youtube vid, right now he's been rejecting or holding off on new deals until the update hits which would allow to actually expand on things.

If one was to trust what he's been saying then it would mean the price will more than likely skyrocket some time before the update and then continue climbing for a while as those companies pour their money into the system.

Based on that information, it would make sense to daytrade for a while and just before the update accumulate as much as possible (this is assuming things don't crash until then).
 
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