ADA - Broke out of down trend and on the Rise, but can it hold?
On the last episode of “ADA - Is the this the moment we have been waiting for?” I mentioned serval possibilities. One of which was a bullish rally once we break through the upper downward channel line (black). And as promised ADA has come through, however we ran into a little bit of resistance at 0.0000245, which has left us desiring more.
However, all is not lost. After the 2.5 day sell off, it appears we have made a higher low. Currently we are riding the lower channel line of what appears to be an uptrend. It will be interesting to see if we get a 3rd confirmations for further validation. There is a high probability for this considering the MACD is rolling over and sell volume is currently decreasing.
If the lower channel trend line holds, I see a potential set up for an inverse head & shoulders pattern. A close above the neckline will take us to approximately 0.00030. That would be very encouraging and bullish. But I fear we may stop there temporarily as we fight through through resistance at 0.000031 and the 400 EMA.
If we get there we can talk more about it. Fingers crossed that our lower channel trend line does not become breached. Otherwise we got a long ways down to the next support.
Feedback welcome.
However, all is not lost. After the 2.5 day sell off, it appears we have made a higher low. Currently we are riding the lower channel line of what appears to be an uptrend. It will be interesting to see if we get a 3rd confirmations for further validation. There is a high probability for this considering the MACD is rolling over and sell volume is currently decreasing.
If the lower channel trend line holds, I see a potential set up for an inverse head & shoulders pattern. A close above the neckline will take us to approximately 0.00030. That would be very encouraging and bullish. But I fear we may stop there temporarily as we fight through through resistance at 0.000031 and the 400 EMA.
If we get there we can talk more about it. Fingers crossed that our lower channel trend line does not become breached. Otherwise we got a long ways down to the next support.
Feedback welcome.
