There is an easy to distinguish descending pattern on the ADABTC chart that has been forming for over a month. Typical for that set is to appear when the price consolidates, and if confirmed, it’s predominantly a continuation pattern of the long term trend.
Trade opening should be upon once the resistance(blue) and previous lower high(green) are broken.
Target a.k.a. Take Profit(purple) should be the vertical distance between support(yellow) and resistance(blue) at the starting point of the .
Stop-Loss( should be placed below the lowest traded price(red). Moreover, the same level has acted first as resistance and lately as support for the past six months(green-purple channel).
Win to lose ratio: approximately 3:1
However, ideally, we would have another signal to back up this theory, such as divergence on . Unfortunately, that's not the case as of now.
Last but not least, the above scenario perfectly coincides with the rising pattern on the Bitcoin dominance chart BTC .D and the expected effect of the upcoming release of the smart contract on the Cardano ADA blockchain, which should happen towards the end of August/start to mid-September. However, the concrete date is yet to be set.