🔥 ADA Bearish Wedge: Mid-Term Analysis
Like most crypto, ADA has seen a bullish period since the capitulation event on the 22nd of June.
Current price action is suggesting a (minor?) bearish move towards the bottom trend line of the wedge. Obviously, if Bitcoin regains its strength we might not even reach the bottom of the wedge and continue moving up.
In case the bearish wedge's support won't hold, I'm expecting a drop towards $1,30. This will be the first minor area of support that ADA will encounter in case of a bearish move.
The picture above illustrates the possibility for another strong sell-off like we've seen on the 22nd of June. The blue lines indicate the rough movement of the price. So, in case the 1.30 support won't hold, I'd be preparing for another dump towards the red area of support, which might be an amazing time for short term swing trade.
Be aware that ADA is highly correlated to BTC. Happy trading!
Current price action is suggesting a (minor?) bearish move towards the bottom trend line of the wedge. Obviously, if Bitcoin regains its strength we might not even reach the bottom of the wedge and continue moving up.
In case the bearish wedge's support won't hold, I'm expecting a drop towards $1,30. This will be the first minor area of support that ADA will encounter in case of a bearish move.
The picture above illustrates the possibility for another strong sell-off like we've seen on the 22nd of June. The blue lines indicate the rough movement of the price. So, in case the 1.30 support won't hold, I'd be preparing for another dump towards the red area of support, which might be an amazing time for short term swing trade.
Be aware that ADA is highly correlated to BTC. Happy trading!
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