NewMexCapital
Short

Is ADA aiming for the all time low?

BINANCE:ADABTC   Cardano / Bitcoin
On the daily chart ADA is in a huge falling wedge and we are near its resistance. The volume is looking good but we have a hidden bearish divergence on RSI which is a sign of trend continuation and the price just got rejected at the 0.65. This is a good shorting opportunity with SL slightly above the 0.65 because you don't want to get caught on the wrong side if ADA breaks the wedge .
Comment:

4H chart. Looks good for a short.
Comment:
Comment: Trade the breakout. Very easy.
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What do you think now? Can we break out of the wedge?
Reply
@cankarako, I don't think so. It failed to retest the 0.65, it has some wicks out of the wedge but volume is declining and even though it has printed a bull pennant (RED) it's breaking it in the wrong direction.

Reply
Are we heading to $0.11 in the upcoming week?
Speculators remained Bullish.

Reply
@ReadBTC, In your chart there is nothing that indicates the fact that speculators remained bullish...actually your chart says nothing at all.
+1 Reply
ReadBTC NewMexCapital
@NewMexCapital, We appreciate your opinion, we suggest reading the description of the chart.
Reply
Why do you call that a hidden bearish divergence? Would love to know
Reply
@cankarako, RSI has a higher high but the price doesn't.
+1 Reply
cankarako NewMexCapital
@NewMexCapital, Thank you
+1 Reply
@cankarako, No problem!
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