ADA CARDANO PERSONAL ANALYSIS IN THE SHORT TERM (SHORT CHANCE!)
Overall price action and market structure of ADA CARDANO is bearish. Please be mindful of your risk management and as well as your emotional tolerance when it comes to your position. It is highly unadvisable for you to even revenge trade in a bear market where shorts are predominantly more profitable. In the chart shown above, ADA is testing on a cup and handle pattern however this is more than likely to be rejected as a double top -- the thing is it will go down eventually but it depends on how it will form in the near future.
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We have 3 possibilities:
a.) Either it ends up as a reverse HnS with the right shoulder forming
b.) Either ends up as a continuation pattern double top to the downside
c.) Or it just ends up consolidating
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Either way, you should always take profits! No one got broke taking profits, remember that! Like the chart? Save it, bookmark it, share it to your friends, comment, and boost it -- its yours for free!
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We have 3 possibilities:
a.) Either it ends up as a reverse HnS with the right shoulder forming
b.) Either ends up as a continuation pattern double top to the downside
c.) Or it just ends up consolidating
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Either way, you should always take profits! No one got broke taking profits, remember that! Like the chart? Save it, bookmark it, share it to your friends, comment, and boost it -- its yours for free!
Trade active:
Shorted from 0.483$ at x15 leverage at break-even stop loss. Will TP around 0.465-0.47$
Order cancelled:
Stopped out at break-even without no losses except for a few dollars of commission/fees. Will short again around 0.492-0.50$