Hello,
I tend to move around and trade different assets and recently I have had my eye on ADA. Looking at the chart, just a minute ago we saw a huge price drop around 8%. I had drawn up a symmetrical triangle and it seems to be trading within that triangle. A consolidation phase is expected with the large jump in price over the last 24 hours. Consolidation in conjunction with the symmetrical triangle, I think supports another move upwards sometime this week. It does depend on Bitcoin though and its ability to pass the 10k mark and stay there. Which is not happening. Which could mean a short bear market before the much anticipated bull market post halving.
Trade safe.
I tend to move around and trade different assets and recently I have had my eye on ADA. Looking at the chart, just a minute ago we saw a huge price drop around 8%. I had drawn up a symmetrical triangle and it seems to be trading within that triangle. A consolidation phase is expected with the large jump in price over the last 24 hours. Consolidation in conjunction with the symmetrical triangle, I think supports another move upwards sometime this week. It does depend on Bitcoin though and its ability to pass the 10k mark and stay there. Which is not happening. Which could mean a short bear market before the much anticipated bull market post halving.
Trade safe.
Comment:
Also, we are seeing a bullish hammer candlestick form. Which can indicate the transition from a downturn to an increase in value. - Just a thought.