Potential inverse head & shoulders forming on ADA currently. ADA has broken down from the long term weekly uptrend briefly but bounced back up off a weekly support. It has then gone on to break out of the daily downtrend and push back up above the weekly uptrend.
After a small retrace back to the uptrend line, ADA may find support here and continue up to complete the inverse h&s. If it rejects the formation here it may continue down to retest weekly support.
I will be looking for confirmation of the trend line holding in the form of a bullish engulfing candle off the trend. There is some strong resistance above and also the long term downtrend line which it has not yet broken out from.
Looking for a quick in and out trade for roughly 5%.
After a small retrace back to the uptrend line, ADA may find support here and continue up to complete the inverse h&s. If it rejects the formation here it may continue down to retest weekly support.
I will be looking for confirmation of the trend line holding in the form of a bullish engulfing candle off the trend. There is some strong resistance above and also the long term downtrend line which it has not yet broken out from.
Looking for a quick in and out trade for roughly 5%.
Comment:
BTC making all setups get rekt as usual. Not entering any trades now but will continue watching this closely for some movement once BTC stabilizes.