FieryTrading

🔥 ADA Consolidation Before Break Out

Long
BINANCE:ADAUSDT   Cardano / TetherUS
Very recently, ADA broke out of the bearish channel which it had been following since early June. With BTC becoming more bullish currently, alts are following suit.

ADA is currently seeing a minor period of consolidation. I'm interpreting this period as period where big players are loading up on alts (and BTC , for that matter). As soon as the price manages to break out of the yellow consolidation area, I'm expecting the bullish trend to resume, potentially targeting 1.85 in the near term.

Always keep a close eye on BTC when trading alts.

Happy trading!
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Comments

good descending channel for the bullish move thx
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your analysis only channels
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Agreed with your point of view my friend!💸
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Lovely analysis!
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I have similar expectations here bro!
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Nice chart
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Absolutely!
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I am totally agree with you!
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High Probability Set-up
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What is your stop placement recommendation here?
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