ADA has formed a really nasty bear flag, and could fall down anytime- caution, guys.
You can see that we are nearing a resistance (red horizontal line), and if ADA gets rejected there, that could very likely cause a downfall from the flag.
The target for the flag is around 2,500 satoshis, but since the 2,700 satoshi level acted as a strong support before, I will assume as target the whole range between 2,500 - 2,700 satoshis. That is where I will probably place some buy orders.
You can see that we are nearing a resistance (red horizontal line), and if ADA gets rejected there, that could very likely cause a downfall from the flag.
The target for the flag is around 2,500 satoshis, but since the 2,700 satoshi level acted as a strong support before, I will assume as target the whole range between 2,500 - 2,700 satoshis. That is where I will probably place some buy orders.
Note
We are still inside the flag, I have extended it, so that you can see it:Make sure to only sell/short if we have a breakdown from the flag (with high volume).
Order cancelled
We are now above the flag pole, so clearly this trade idea got invalidated.Flags are considered to be amongst the most reliable patterns. As you can see here, nothing is 100% reliable, and there's no guarantee for anything. You shouldn't listen to anyone, who tells you otherwise.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.