ADABTC - Head and Shoulders on the daily
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If this head and shoulders is confirmed for the ADA-BTC pair, it's going to get very very ugly, and probably very quickly. The downside is massive from the top of the head to the neckline, measured below the potential bearish break point.
The overall trend is still very bullish, but short term momentum has slowed, which could potentially lead to larger breakdowns in price action depending on what the BTCUSD pair does in the coming days. The most recent 5-7% dip in BTCUSD price weakened a lot of other crypto pairings, causing similar pullbacks market wide. If that dip turns into a longer term correction, odds start to stack up against a continuation of the bullish trend, and start leaning into bearish territory.
My plan is to remain watchful for breaks below any key levels of support, and to exit positions if that occurs, without hesitation.
The overall trend is still very bullish, but short term momentum has slowed, which could potentially lead to larger breakdowns in price action depending on what the BTCUSD pair does in the coming days. The most recent 5-7% dip in BTCUSD price weakened a lot of other crypto pairings, causing similar pullbacks market wide. If that dip turns into a longer term correction, odds start to stack up against a continuation of the bullish trend, and start leaning into bearish territory.
My plan is to remain watchful for breaks below any key levels of support, and to exit positions if that occurs, without hesitation.
Note
H&S looks invalidated with the break above 2116 satoshis, dodged a bullet on that one.
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