ADA BULLS finally came out strong after price broke above the 200 day MA, and a golden cross few hours back.
Volume appears to be building up strong, after a flush break above the 1275 resistance on the daily, followed by a retest and a bounce from 1275 support level (previous resistance now turned support)
Bear scenerio:
Strong Resistance at 1375,
Stochastic at 70% and above on weekly, daily, and hourly time frames.
RSI at 65% on the weekly, daily and hourly.
Strong Resistance at 1375
Bullish Scenerio:
Price broke above the 200 day moving average
Golden cross 50 & 200 day MA
Inverse head and shoulder
Increased volume
I do expect a push to 1375 area to push RSI towards 70%, followed by a pull back to the downtrend line resistance and 50 hourly moving average at around 1275 and 1306 to cool off stochastic and RSI before the next leg up.
A break out of the 4-5 months accumulation range to complete the inverse head and shoulder will send price 1706 to 1938 target area.
With the golden cross, and price breaking above 200 day MA, I expect a strong move upward in the price of ADA between now and April before any major correction IMO.
Volume appears to be building up strong, after a flush break above the 1275 resistance on the daily, followed by a retest and a bounce from 1275 support level (previous resistance now turned support)
Bear scenerio:
Strong Resistance at 1375,
Stochastic at 70% and above on weekly, daily, and hourly time frames.
RSI at 65% on the weekly, daily and hourly.
Strong Resistance at 1375
Bullish Scenerio:
Price broke above the 200 day moving average
Golden cross 50 & 200 day MA
Inverse head and shoulder
Increased volume
I do expect a push to 1375 area to push RSI towards 70%, followed by a pull back to the downtrend line resistance and 50 hourly moving average at around 1275 and 1306 to cool off stochastic and RSI before the next leg up.
A break out of the 4-5 months accumulation range to complete the inverse head and shoulder will send price 1706 to 1938 target area.
With the golden cross, and price breaking above 200 day MA, I expect a strong move upward in the price of ADA between now and April before any major correction IMO.
