CryptoCow

Cardano (ADA) threatening to drop about 15%

Short
BINANCE:ADABTC   Cardano / Bitcoin
ADA has formed a really nasty bear flag , and could fall down anytime- caution, guys.

You can see that we are nearing a resistance (red horizontal line), and if ADA gets rejected there, that could very likely cause a downfall from the flag.

The target for the flag is around 2,500 satoshis, but since the 2,700 satoshi level acted as a strong support before, I will assume as target the whole range between 2,500 - 2,700 satoshis. That is where I will probably place some buy orders.
Comment: We are still inside the flag, I have extended it, so that you can see it:


Make sure to only sell/short if we have a breakdown from the flag (with high volume).
Order cancelled: We are now above the flag pole, so clearly this trade idea got invalidated.

Flags are considered to be amongst the most reliable patterns. As you can see here, nothing is 100% reliable, and there's no guarantee for anything. You shouldn't listen to anyone, who tells you otherwise.

Comments

I think this is a classic case of 'resistance becomes support'. It's been consolidating at 3200~ for quite a while now with a nice volume
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subsanity subsanity
@subsanity, Can't delete comments, huh..I'm having second thoughts now.
+1 Reply
CryptoCow subsanity
@subsanity, We have to wait if the flag gets broken to the upside, then this idea will get invalidated. Right now ADA is still inside the flag.
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subsanity CryptoCow
@CryptoCow, Hope you had a stop loss and got out safe..peace and love man
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CryptoCow subsanity
@subsanity, I' wasn't short yet, so it's ok.
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Iam buy ADA 0,000022015-0,0000221 BTC guys..i have 990989 coin guys...ADA go to the moon..iam fly to heaven ...wkwk
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Yea...it will definitely correct before another wave
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CryptoCow gooddoctor
@gooddoctor, Agree, I see this as a typical ABC correction, with the C wave still missing, imo. Actually a lot of coins show this exact same pattern atm.
Let's see if we are right :)
Reply
gooddoctor CryptoCow
@CryptoCow,yea most coins need a proper correction except xvg
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CryptoCow gooddoctor
@gooddoctor, XVG needs a correction to zero, hehehe
+1 Reply
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