Cryptocurrency Price Analysis For Cardano (ADA), Dash (DASH), And 0x (ZRX)
Long and Short trade setups for Cardano (ADA), Dash (DASH), and 0x (ZRX)
Above: Cardano (ADA) hourly Ichimoku chart
Cardano’s hourly chart up above shows a short term long entry opportunity could present itself in the very near future. The Chikou Span (black line) is current beneath the candlesticks, but is close to running into the candlesticks to its right. When the Chikou Span is trading ‘inside’ the candlesticks, this is a sign of consolidation. We’ve observed Cardano experience a number of attempts to be pushed lower, but buyers continue to step in. However, the bulls have not followed through with any further attempts to push above the key 1.12 level. On the current hourly chart, the buy stop I am looking at is at 1.0750. If Cardano hits 1.0750, that means the future Span A will be pointing higher or it may have even crossed above future Senkou Span B. The Chikou Span would also be above the candlesticks.
Above: Dash (DASH) 4-hour Ichimoku chart
Dash remains one of the most used networks around the globe for cryptocurrency payment. It is very similar to Zcash in that Dash has the option to remain 100% private with its transactions. Dash’s 4-hour chart above zooms in on what looks like a traditional bear flag pattern. But this is cryptocurrency and traditional patterns have a habit of not performing how you would expect them to operate in other markets. On the short side of the trade, there I’ve identified a sell stop at 208.06. The sell stop is an important level because the Chikou Span would drop below the candlesticks and price would drop below both the channel and the prior swing low. On the bullish side of the trade, we have almost the exact inverse conditions of the short side. The buy stop at 254.15 occurs when the Chikou Span would trade above the candlesticks and price has moved above the cloud. Price also will have broken above the channel.
Above: 0x (ZRX) 4-hour Ichimoku chart
0x has had some wild swings over the past few months. Recently, 0x has traded in a fairly constricted trading range for over 30 days. The past 12 days in particular have been very tight, with the highs finding resistance against Senkou Span A and the lows finding resistance at Senkou Span B. In other words, 0x is trading inside the daily cloud. Personally, I consider attempting to trade anything while its inside the cloud as a horrible idea. The cloud is where trading accounts go to die. That being said, 0x’s daily Ichimoku chart is setup for one of the best Ichimoku trade entries you can find: the Ideal Ichimoku Breakout entry. Long story short, the buy stop at 1.6252 will fulfill most of the conditions needed for the Ideal Ichimoku Breakout. The most important conditions are the Chikou Span above the candlesticks and cloud and price above the cloud.