Broadening bottom pattern on weekly ?
It looks like a long term Broadening bottom pattern is forming in ADAUSD. It's usually a reversal pattern but could also be continuation or prior trend.
IMO, such long term bottoms tend to be reversal patterns.
The chart shows 2 possibilities. It could go either way from here depending upon how BTC moves and how the months of Oct/Nov unfold.
My bet is that price may come down to 6-4 cents range and shoot back up to breakout from the pattern. This will be take at least 5-6 months to playout.
However it could easily take the other route and go say hello to the support line one more final time.
*Not a financial advice. Only for educational purposes.
IMO, such long term bottoms tend to be reversal patterns.
The chart shows 2 possibilities. It could go either way from here depending upon how BTC moves and how the months of Oct/Nov unfold.
My bet is that price may come down to 6-4 cents range and shoot back up to breakout from the pattern. This will be take at least 5-6 months to playout.
However it could easily take the other route and go say hello to the support line one more final time.
*Not a financial advice. Only for educational purposes.
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