ADA/USD - Breakout, fakeout and return to support. 🤣
ADA made a significant break above the descending triangle this week and reached the resistance at $2.4 where it was sharply rejected by the bears. Since then, ADA’s price fell back to the breakout point leading to only a 1.8% increase in the past seven days. This reversal is quite unfortunate and shows that the bulls were only interested in ADA during the breakout and quickly vanished as soon as they hit any resistance.
ADA is still stuck between the support at $1.9 and the resistance at $2.4. Nevertheless, with this breakout, it did achieve one important aspect. It stopped the bearish trend.
Looking ahead, ADA can consolidate within this range before another attempt is made to break away from the $2.4 resistance. Once that happens, ADA has a good chance to explore higher price levels. Until then, the bias for ADA remains neutral.
Like and follow if you liked my idea!
ADA is still stuck between the support at $1.9 and the resistance at $2.4. Nevertheless, with this breakout, it did achieve one important aspect. It stopped the bearish trend.
Looking ahead, ADA can consolidate within this range before another attempt is made to break away from the $2.4 resistance. Once that happens, ADA has a good chance to explore higher price levels. Until then, the bias for ADA remains neutral.
Like and follow if you liked my idea!
📣 Find more Alpha by joining Your Crypto Community 🔰 LINKs BELOW 🔰
🔹 Over 5,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
Likes and follows appreciated! 🚀
🔹 Over 5,000 members!
🔹 Real trades & wins explained
🔹 Trading ideas, crypto trends & alpha
Likes and follows appreciated! 🚀
Bài đăng liên quan
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.