Cardano is approaching an area of interest where we believe has the highest probability of reversing. We are approaching the 1.23 level within a falling wedge which is typically a reversal pattern. We also have the 78.6 fibonacci level and we are above the 200EMA. All these confluences give us a high probability chance that ADAUSDT may reverse in that area.
We will be looking for a break of trendline on the lower timeframe near the 78.6 fibonacci level. The first targets will be the previous high and stops will be below the wedge.
Have a look at our educational post on how to identify and trade wedge patterns - see linked chart below.
We will be looking for a break of trendline on the lower timeframe near the 78.6 fibonacci level. The first targets will be the previous high and stops will be below the wedge.
Have a look at our educational post on how to identify and trade wedge patterns - see linked chart below.
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