Cardano ADA Bearish Wedge
ADA' has made a big rally past month and since Dec 2018. Volume has been very good as well. But now it has reached a long term resistance together with this possible wedge.
The volume picture of the wedge is okay but not great. Also the rally in the yellow zone was quite strong and not very typical for a wedge, but still does fit the picture. Knowing that if Bitcoin' breaks up above 4000/4200, this wedge will obviously not play out. So for this wedge to succeed Bitcoin's has to drop some again.
Anyway, i am going to watch how this last wave plays out the coming days before i do anything. Ideally we see a breakup like the blue line, but only getting a small push above that resistance, seeing a small pullback and bounce again. Like the blue line shows, which means we should see volume dry up and resistance at that high. If we see that happen and a break of the wedge, it will very likely play out. Shorting now is not yet something i am willing to do, because i am still not sure what Bitcoin' will do, since it is still at a very dangerous spot.
Previous analysis:
The volume picture of the wedge is okay but not great. Also the rally in the yellow zone was quite strong and not very typical for a wedge, but still does fit the picture. Knowing that if Bitcoin' breaks up above 4000/4200, this wedge will obviously not play out. So for this wedge to succeed Bitcoin's has to drop some again.
Anyway, i am going to watch how this last wave plays out the coming days before i do anything. Ideally we see a breakup like the blue line, but only getting a small push above that resistance, seeing a small pullback and bounce again. Like the blue line shows, which means we should see volume dry up and resistance at that high. If we see that happen and a break of the wedge, it will very likely play out. Shorting now is not yet something i am willing to do, because i am still not sure what Bitcoin' will do, since it is still at a very dangerous spot.
Previous analysis:
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