Cardano(ADABTC) bull to bear channel: 4hr tf
Cardano (ADABTC) broke out of its bullish channel and also moved past Support 1 as mentioned in the previous post given in the link below:
Support 2 also given in the previous post is currently being tested and is shown in this post as the horizontal blue dotted lines between ~0.00003073 and 0.00002953. Cardano (ADABTC) breaking out of its previous bullish channel and also through Support 1 (previous post) does suggest a change of trend from bullish to bearish.
A downtrend (bearish) channel is shown in the post to capture the price action of Cardano (ADABTC) from its previous high of ~0.00004069 till present. ~0.00002354 and 0.00002515 is the region that is expected to offer support if further selling ensues as the horizontal green lines (technical support) coincide with the bottom of the channel as extrapolated.
A downtrend (bearish) channel is shown in the post to capture the price action of Cardano (ADABTC) from its previous high of ~0.00004069 till present. ~0.00002354 and 0.00002515 is the region that is expected to offer support if further selling ensues as the horizontal green lines (technical support) coincide with the bottom of the channel as extrapolated.
Support 2 also given in the previous post is currently being tested and is shown in this post as the horizontal blue dotted lines between ~0.00003073 and 0.00002953. Cardano (ADABTC) breaking out of its previous bullish channel and also through Support 1 (previous post) does suggest a change of trend from bullish to bearish.
A downtrend (bearish) channel is shown in the post to capture the price action of Cardano (ADABTC) from its previous high of ~0.00004069 till present. ~0.00002354 and 0.00002515 is the region that is expected to offer support if further selling ensues as the horizontal green lines (technical support) coincide with the bottom of the channel as extrapolated.
A downtrend (bearish) channel is shown in the post to capture the price action of Cardano (ADABTC) from its previous high of ~0.00004069 till present. ~0.00002354 and 0.00002515 is the region that is expected to offer support if further selling ensues as the horizontal green lines (technical support) coincide with the bottom of the channel as extrapolated.
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