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ADA/USDT Potential Downward Movement

ADA/USDT Potential Downward Movement

Key Resistance Levels: 2.2013, 2.3289, 2.7143.

Key Support Levels: 1.8927, 1.4792, 1.4500.

Daily Chart:

The price on the higher time frame broke the bullish channel to the downside which led to a break of the structure and a reversal from an upward movement to a downward one. The coin succeeded to break the 2.2013 USDT mark to the downside and retrace to it. Further movement to the downside could be seen in the coming hours.

ADA/USDT Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the coin succeeded to break the wedge pattern to the downside with the help of the sellers found around the 61.80 % Fibonacci retracement level. a higher correction could be seen to the previous resistance level before a new wave to the downside toward the target profit.

Signal Idea:

Sell Limit Order @ 2.1932

TP 1 @ 1.9684

TP 2 @ 1.8927

Stop Loss @ 2.2680

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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