Ada cross of the hourly 20 above 50, just turned a modest but firm green.
Those dips down, if you'll believe it, they coincide with the drawn from the very first drop, bounce and retest pattern that Ada made when it arrived on bittrex.
Here it is on the 4h.
Where I would also like to draw your attention to this figure, a closeup of last segment of the move higher and consolidation
Notice how the dip tests the 1.618 fib right where the rises above it,
and then the next retest of what would be the fib tests the instead?
I think this will prove important support for a continued move higher.
For confirmation I would say wait for the 4h moving averages to flip and the candles to get above them. We are close enough to the price-level where this would happen that we're not missing out on a lot of upside by waiting for it.
Targets? Well, the fibs are already up aren't they. 5500, 8100.
Feedback? Please leave a comment.
The 200 moving average is at roughly the same level as the previous high. Even if we drop back down to that level and bounce up, we would still be in a bull trend against bitcoin in Ada. That's a 50% drop.
This is not a risk-free trade. I'm just saying that the upside - in satoshi's - is higher than the downside.
*if* the trendline breaks down, there will be sweet buyins all the way down to the 4h 200.
I did say wait for confirmation right? It is important that we get above the hourly 50.
We got above that hourly 50, then the 20, then the 200, and now the moonrocket is in full swing. Even this last rally has been regularly backtesting it's own 0.618 and 0.5 fibs, so even if we go horizontal for a few hours the race is still on to the targets.
See how the CCI trend is almost horizontal, but angled slightly down, while the chart trendline is making higher and higher peaks? That's Divergence. Good indicator for further bullish action, perhaps a break above the red trendline on the chart is in the works?
So, target reached. are we going higher? It all depends on this moving average. We've horizontalled straight into it on the 15-minute chart. So expect a move in the next few hours, because we're either going to bounce up or watch it do a leg lower to look for support elsewhere.
Oh, and happy newyears :)
Ada is showing some signs of trend reversal, finding resistance instead of support at the 15 - minute 200.
And then some, my lord! 1.618 touched.