Cardano (ADABTC) has gained more than 40% in a span of 10 days while BTC and other Alts are not having similar behaviours. We are aware of the good news circling around ADA, however our technical analysis shows that a reversal to the Bear is near.
Here we have at Daily Supply level a Bearish Bat Pattern (Daily Time Frame) and price was slightly short to complete the pattern at PRZ. For those who are not familiar with what PRZ is - Potential Reversal Zone, something that is unique for Harmonic Pattern traders only. Price is moving upwards in a nice trend channel with current price sitting nicely at the bottom of the trend channel. Retail traders are looking to buy the into the trend channel and thinking the Bull Run is going to continue on and on.
Once again, we are not going to do what the majority are doing, I am looking for a short entry to sell ADA knowing that this is an attractive price to sell. I have two plans here:
1) Wait for a big candle downwards to break the trend channel and sell at the pullback.
2) if price goes higher from current price, wait for it to enter my daily supply level and bat completion to look for candle confirmation to short.
Lastly, a rising trend channel but put against RSI which shows Overbought and Divergence, something for you to think about.
Do like, share and follow us for more analysis like this regularly.
Here we have at Daily Supply level a Bearish Bat Pattern (Daily Time Frame) and price was slightly short to complete the pattern at PRZ. For those who are not familiar with what PRZ is - Potential Reversal Zone, something that is unique for Harmonic Pattern traders only. Price is moving upwards in a nice trend channel with current price sitting nicely at the bottom of the trend channel. Retail traders are looking to buy the into the trend channel and thinking the Bull Run is going to continue on and on.
Once again, we are not going to do what the majority are doing, I am looking for a short entry to sell ADA knowing that this is an attractive price to sell. I have two plans here:
1) Wait for a big candle downwards to break the trend channel and sell at the pullback.
2) if price goes higher from current price, wait for it to enter my daily supply level and bat completion to look for candle confirmation to short.
Lastly, a rising trend channel but put against RSI which shows Overbought and Divergence, something for you to think about.
Do like, share and follow us for more analysis like this regularly.
Daily Time Frame showing full pattern and supply zone. Do let me know why if you are still thinking of buying.