ADA is touching former resistance that is now support. Also, the price is in the support of the ichimoku cloud. If the daily price close can hold in or above cloud support should be a great sign for further upside. If this is a 5 wave impulse up it there should be 1 more wave to come. The 4th wave seems to be finishing up creating a great long opportunity for good risk/reward opportunity. Measuring out the wave extension of the 3rd wave which was 1.618 the 5th wave should be around a 2.618 extension. The price would be about 2424 around the 2.618.
On the flip side if this is an ABC correction ADA is done going up and there's more downside to come. Knowing that the 4th wave can't go into the 1st wave by much will be the sign of which is to come. Setting a SL if it is the ABC outcome would stop you from losing any more than you had to. This is if its an ABC down below:
Long: Around these prices
SL: Daily candle close below the cloud.
TP1: 2155
TP2: 2424
On the flip side if this is an ABC correction ADA is done going up and there's more downside to come. Knowing that the 4th wave can't go into the 1st wave by much will be the sign of which is to come. Setting a SL if it is the ABC outcome would stop you from losing any more than you had to. This is if its an ABC down below:
Long: Around these prices
SL: Daily candle close below the cloud.
TP1: 2155
TP2: 2424
Comment:
During this crash ADA has held its btc value well. Will be monitoring price at close if its above cloud.
Comment:
Daily candle needs to wick up. Wave 4 can't breach wave 1 by more than a wick.
Daily candle needs to wick up. Wave 4 can't breach wave 1 by more than a wick.
Comment:
Bullish divergence looking good on 4 hour rsi. Price should keep bouncing up I think
Bullish divergence looking good on 4 hour rsi. Price should keep bouncing up I think
Comment:
The daily cloud has twisted bearish. Need to be cautious here. Price is still in cloud support. SL should be a daily close below 1297 now
The daily cloud has twisted bearish. Need to be cautious here. Price is still in cloud support. SL should be a daily close below 1297 now
Comment:
i have a stop at 1199. Could be a 1-2 1-2 as well. Gut feeling is were close to a bottom
Comment:
Had a feeling this was gonna be a fake out. Looks to be good. Bullish engulfing candle and broken out of falling wedge
Had a feeling this was gonna be a fake out. Looks to be good. Bullish engulfing candle and broken out of falling wedge