In this ADA analysis, I show you my step-by-step process for capturing a quick 6% gain. I check coins every hour on the hour. It allows me to get the updated pricing for a 1-hour candlestick chart. I have found that a 1-hour period length is a perfect length for trades that last less than 24 hours. I first start by looking for any chart patterns that have formed within the past 10 hours. These patterns include (but are not limited to) head and shoulders, channels, wedges, etc.
I noticed that Cardano was moving within a bullish channel. Once I saw this, I wanted to check if the price was near the support or the resistance. I usually stay away from trades when they are near resistance levels. Cardano was sitting right near the support and the RSI was also sitting near the support. With this in mind, the MACD was just about to turn positive.
When determining the sell target, I look for the immediate resistance level. I decided to be conservative on this trade and go for the 6% gain instead of the potential 10% gain.