Hi dear followers and visitors, ADA is moving in a Triangle Pattern in daily timeframe and I think it will broke from the upside!
Why Upside? According to bitcoin's bounce back and breakout in daily chart(Same condition), I think ADA will breakout from the upside and after breakout it would see 2$ again!
See my analysis on BTC too(I think 42K will be broken this time!)
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Doesn't this look like as the descending triangle?
So the descending triangle is generally a bearish pattern.
I think that the bearish mood is also backed by the volume pattern in the triangle range. I see that dips is heavier than bounces.
TahaZargar
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@artisticDingo62106, Descending triangles will not necessarily cause further declines, the market is following bitcoin, see my bitcoin analysis.
ich1baN
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@artisticDingo62106, it's actually a falling triangle which is different - falling triangles don't have flat bottoms. The proper way to draw the bottom is at a negative slope from the May 19th crash to most recent lows imo. This is a reversal pattern... not a bearish one. Most traders will catch it too late and then by then they will be forced to pay pump prices when this is back at ATHs again.
GOODLUCK