Technical analysis by trader-123456 about Symbol ADA: Sell recommendation (5/16/2023)

Cardano ADA After the breakout of 330 support and confirmation as resistance, I expect an eagle attack and continuation into the nest. Only if a close above the resistance is valid can it invalidate this idea.Comment: ADA played nicely with traders who wanted to short too soon and did not wait for a break back below 0.330. You have to wait patiently like an eagle for your prey. Wait for a possible return back below the trend line.Comment: The eagle is watching the rejection exactly where to expect, if the 0.330 area is broken and confirmed as resistance, an attack may follow.Comment: My opinion is bearish, but I may change my opinion if I see that the bulls really have power and it's not just a bull trap. Because breaking the trend line and then testing it is bullish and it is an invitation for bulls to go long, but in the current market it is also a suitable place for a bull trap.Comment: I see weakness on the ADA chart at the moment, the bulls have failed to break through. I see a rejection of the resistance and currently a break below the lower trendline. If this is just a show for the bears and the bulls try to break through once more, it cannot be ruled out. But if there is no breakout and a valid close above, then nothing changes. If it continues to decline, it could probably hit a new low in two months. I can imagine a round bottom below.Comment: ADA is trying to break 0.330. Break it already, the eagle is waiting for food and a lot of traders would like to fill their bags below.Comment: ADA has reached a point where a minor pullback could occur before the decline continues. If it breaks straight down that can happen too.Comment: The eagle attacked.Comment: In the previous idea I was expecting a smaller bounce here, it happened. But we're still on the bear side, so it's a dangerous play here.Comment: ADA is sticking to the plan, so far it looks like a bearish continuation. Returning above the blue line would temporarily invalidate this idea.Comment: I think ADA still has a lot of time before the next bull market, it is probably currently in this phase of the cycle. It needs to go through a longer consolidation down. If x10 ADA goes up, take at least some profit there or watch it go back down again.