Potential Head and Shoulders Pattern Signals Major Correction to $0.15ish
I've identified a potential Head and Shoulders (H&S) pattern forming on the ADA/USD daily chart. This classic bearish reversal pattern suggests a significant correction could be imminent.
The pattern's neckline is clearly visible, and if it breaks, the implied move, calculated by measuring the distance from the head to the neckline and projecting it downwards, targets approximately $0.15. This represents a potential drop of around 76% from the current price.
While many influencers and analysts predict ADA to reach $5, it's crucial to acknowledge the bearish signals presented by this H&S pattern. The reality of technical analysis dictates that we must consider all possibilities, even those contrary to popular sentiment.
Good Luck
I've identified a potential Head and Shoulders (H&S) pattern forming on the ADA/USD daily chart. This classic bearish reversal pattern suggests a significant correction could be imminent.
The pattern's neckline is clearly visible, and if it breaks, the implied move, calculated by measuring the distance from the head to the neckline and projecting it downwards, targets approximately $0.15. This represents a potential drop of around 76% from the current price.
While many influencers and analysts predict ADA to reach $5, it's crucial to acknowledge the bearish signals presented by this H&S pattern. The reality of technical analysis dictates that we must consider all possibilities, even those contrary to popular sentiment.
Good Luck
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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.
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.