L3gOnD

ADA Consolidating

BINANCE:ADABTC   Cardano / Bitcoin
ADA
1) Price is in an uptrend since the Adam Eve bottom that reached its target (Adam and Eve marked with white brush).
2) Price has reached target which was also a previous resistance level and is since consolidating below it (Horizontal line).
3) To note: This is also just above a previous order block (consolidation level) in the past (marked by green box).
4) Price is in an ascending triangle consolidation pattern (marked with yellow lines) with the proper volume profile (shown by volume falling as price moves in pattern). This is more of a flag than just an asc triangle so call it a pennant . Volume highest on pole and decreasing while consolidation takes place.
5) Target of the break of the pattern would lead to the next VPVR level however it is extremely thin until then so reaching the target should not be too difficult.

What to look for:
1) A break in the flag pattern with substantial localized volume (ie more volume than the preceding few candles). This break would also break the horizontal resistance line.
2) Thing to note is on ADA's last uptrend it ran through this area very easily so I am not saying the green box is the stopping point but that is the target for this pattern upon a breakout with volume .

Comments

how high might it go?
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Indiobear Indiobear
@Indiobear, sry I see it thanks
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