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Adabearish

ADA → Cardano Ascending Wedge Signals a Drop! Will It Happen?Cardano is forming an ascending wedge pattern, a bearish formation that the majority of the time ends in a fall below the support line. For the next few days, we need to consider that the probable outcome. How do we trade this? 🤔 Consider waiting for one more attempt to break resistance at the top of the wedge around the $0.68 area. A rejection at that level creates a reasonable reversal entry for a 1:2 Risk/Reward Ratio trade. Target the $0.52 range where previous support was demonstrated. Don't be too hasty to enter, we're still in a bull trend and ought not bet against the trend until all of the requirements are met. This includes a strong sell signal (large wick on top, price closing near or on its low), followed by a confirmation candle or candles (strong bear candles closing on or near their lows). It's greater probability of profit if that confirmation candle closes below the 1HR 30RMA. 💡 Trade Idea 💡 Short Entry: $0.6400 🟥 Stop Loss: $0.6986 ✅ Take Profit: $0.5230 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Ascending Wedge, Bias to Short. 2. Daily Measured Move Complete, Trend Change Probable. 3. Three Pushes Up in a Bull Run, Trend Change Probable. 4. 1HR RSI at 50.00 on Moving Average, Indecision. 5. Bitcoin at Risk of Trend Change, Supports Short Bias. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
KRAKEN:ADAUSDShort
by TraderEngineering
ADA → Cardano Racing Toward Resistance! Will We Reverse!?Cardano is racing toward the Resistance Zone after a successful break to the upside from last week's bull flag, as predicted in our last analysis. We're getting closer to resistance and the big question is, do we short it? How do we trade this? 🤔 If you're still in a long from bull flag breakout, good! Don't exit yet as we have not seen a reversal signal. ADA likely will make it to $0.45, I would take profits around that price area. Once we hit the resistance zone it's reasonable to expect a pullback or even a reversal. If we get a bear signal bar followed by a confirmation bar closing on or near its low, it's reasonable to short. We are in a bullish macro trend, so a short would be playing the reversal where Probability is low, but Risk/Reward is over 1:2. I would take half profits at 1:1 around $0.422, move the stop loss up to your entry price and swing the rest until we see the reversal bar to the upside. 💡 Trade Idea 💡 Short Entry: $0.446 🟥 Stop Loss: $0.468 ✅ Take Profit #1: $0.422 ✅ Take Profit #2: $0.403 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Bull Breakout of 200EMA Followed by Bull Run. 2. Bull Flag Continuation Pattern Playing Out. 3. Resistance Zone Approaching, Look for Sell Signal. 4. Do Not Short Until Sell Signal and Bear Confirmation Candle Close. 5. RSI at 65.00, Above Moving Average. More Up Before Down. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
KRAKEN:ADAUSDShort
by TraderEngineering
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