$ADA USDT - BEARISH BREAKDOWN & DOWNTREND CONTINUATION! š
Here's a technical analysis of the ADAUSDT chart, indicating a strong bearish move!
š Current Price: The current price is at $0.6405, showing a clear breakdown from a previous support zone.
š Key Levels:
* Resistance:
* Immediate resistance is now around $0.6414, which was previously a support level that has been breached.
* A stronger resistance zone is identified around $0.6471 - $0.6494, where the price recently faced significant selling pressure.
* Support:
* The next significant support target is at $0.6245, which aligns with previous price action lows. Lower supports can be found around $0.6200.
š„ Trade Setup - SHORT:
Given the clear breakdown and strong bearish momentum, a short position appears highly favorable.
* Entry: Consider entering a short position around the current price of $0.6405, or on any slight retest of the broken support level.
* Targets (TP):
* TP1: $0.6245 (main target based on previous structure and potential downside extension)
* Stop Loss (SL): Place your stop loss above the recent breakdown level, around $0.6494, to manage potential upside risk and protect your capital.
ā ļø Risk Management:
Always prioritize robust risk management! Only risk a small, predefined percentage of your trading capital per trade (e.g., 1-2%). Strictly adhere to your stop-loss to safeguard your funds. Avoid over-leveraging. Trade wisely! š”ļø
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