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CryptoGuru369
Jul 21, 2021 12:40 AM

$ADA in Strong Downtrend - Say Hello to $0.85 Short

Cardano / TetherUS PERPETUAL CONTRACTBinance

Description

ADA is in a strong down trend making lower highs and lower lows. We can also see a potential descending triangle formation, which is typically results in bearish continuation to the downside.

ADA is currently sitting on support around $1.00. If support is lost here, then I'd be looking for a move down to the $0.85 support zone. If support there is lost, then I'd be looking for a move down the next strong support zone around $0.65.

If ADA gets a bounce from here, then I'd look for a move up to the next strong resistance area around $1.20.

Comment

Descending Triangle Formation
Comments
PolarHusk
Nice potential scenario if support breakdown. thanks for sharing this.
CryptoGuru369
@PolarHusk, No problem. Looks like price just bounced and hit resistance. Will see where things go from here!
ProjectSyndicate
excellent summary and setups today
YMGroup
bro great work
AtlasTrades
High Probability Set-up
Mihai_Iacob
Nice and clear creation
meysam915
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CryptoGuru369
@meysam915, ?????????????????????????????
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