ADAUSDT - Descending Triangle idea

Cardano is currently forming a descending triangle pattern, which is often seen as a bearish continuation signal.

The price is forming lower highs and repeatedly testing a horizontal support level. In this pattern, the breakout tends to happen downwards, with a likelihood of around 64%.

To verify the pattern:

• Diminishing volume
  
• Multiple touches on both trendlines
  
• Downward upper trendline
  

Now it is time to look for a breakout below the support level on significant volume. However, remain cautious of false intrabar breakouts that may occur.

Trade closed: stop reached