🔥 ADA Bearish Pennant Formation
Updated
After BTC and alts caught some breath today, it appears that the bearish trend will continue for now. In case of another bearish move, ADA could be a contender for a good short trade.
During ADA's amazing run up over the last few weeks, a classical bearish pennant is forming. With BTC falling, this pennant could signal a big drop is ADA's value over the next two weeks or so.
One could either wait for the pennant's support to be broken, or one could trade the current short term downward move.
Happy trading!
During ADA's amazing run up over the last few weeks, a classical bearish pennant is forming. With BTC falling, this pennant could signal a big drop is ADA's value over the next two weeks or so.
One could either wait for the pennant's support to be broken, or one could trade the current short term downward move.
Happy trading!
Note
ADA slightly reversing after hitting 1.91BTC appears to have found support at 42k, as per my most recent BTC analysis:
BTC might revisit the recent low again.
Note
Got a lot of negative feedback from this signal caused by confirmation bias. Look where be are now.ADA was a large cap coin which almost did a x3 in like three weeks. It was one of the assets prone to a bearish correction, following BTC on foot.
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