ADAUSDT Pitchfork, .618 Resistance, Bearish MS, Price Action

Jan 19, 2023

Evening Traders,

Today’s analysis – ADAUSDT – trading in a constructive downtrend with another potential lower high intact,

Points to consider,
- Price Action Corrective
- .618 Resistance
- Pitchfork .618 Resistance
- VAH Confluence

ADAUSDT’s immediate price action is corrective and is has rejected from a key level, allowing for a bearish bias.

The level has confluence with the .618 Fibonacci of the Pitch fork and the Fib Retracement ratios, this adds more sifnigicane.

The immediate objective is the lower end of the pitch fork, this will continue the overall bearish market structure.

Overall, in my opinion, ADAUSDT is a valid short with defined risk, price action is to be used upon discretion/ management.

Hope this analysis helps,

Thank you for following my work

And remember,

Trading is mostly a waiting game. if you want action that happens on your own terms, you’re in the wrong field.