Key Insights:
#ADA has been in a strong downtrend after breaking a key support level and is now forming a harmonic pattern on the 1-hour timeframe. This could signal an upcoming move—but will it be a continuation or a reversal? Let's analyze!
Current Market Structure:
🔹 Downtrend intact after breaking key support
🔹 Harmonic pattern forming—potential reversal zone
🔹 Key level to watch: If #ADA breaks and closes below the current support, it could trigger a strong bearish move
Trading Plan:
🔹 Bearish Confirmation: If #ADA closes a candle below support, we will look for a short entry with proper risk management
🔹 Bullish Scenario: A fakeout and reclaim above support could lead to a strong bounce—watch for reversal signs!
Your Thoughts?
What’s your bias? Are you taking this short setup, or do you see a reversal coming? Drop your thoughts in the comments! Let’s discuss!
If you found this analysis helpful, don’t forget to LIKE 👍, COMMENT 💬, and FOLLOW for more insights!
#ADA has been in a strong downtrend after breaking a key support level and is now forming a harmonic pattern on the 1-hour timeframe. This could signal an upcoming move—but will it be a continuation or a reversal? Let's analyze!
Current Market Structure:
🔹 Downtrend intact after breaking key support
🔹 Harmonic pattern forming—potential reversal zone
🔹 Key level to watch: If #ADA breaks and closes below the current support, it could trigger a strong bearish move
Trading Plan:
🔹 Bearish Confirmation: If #ADA closes a candle below support, we will look for a short entry with proper risk management
🔹 Bullish Scenario: A fakeout and reclaim above support could lead to a strong bounce—watch for reversal signs!
Your Thoughts?
What’s your bias? Are you taking this short setup, or do you see a reversal coming? Drop your thoughts in the comments! Let’s discuss!
If you found this analysis helpful, don’t forget to LIKE 👍, COMMENT 💬, and FOLLOW for more insights!
Trade active
Trade is Active. best of LuckNote
1st TP Hit. Trade closed: target reached
1st TP Hit, and we closed our trade, as I believe ADA may form a bullish divergence and trend upward.Note
Both TPs Hit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.