Hello Traders!
Welcome to another update,
Today’s chart will be on ADABTC pairings, potential trade setup
Points to consider
- Trend recently putting in higher lows
- Price tested major resistance - .618 Fibonacci Level
- RSI testing upwards trend line
- Stochs showing upwards momentum
- EMA’s giving price support
- Volume increasing, above average
- Potential Bull flag formation
ADA has recently experience an increase in bullish volume which pushed price to test local resistance being the .618 Fibonacci Level, where it was then rejected and starting consolidating in a small range…
The EMA’s have been holding price as support whilst a bull flag formation comes to fruition right under the local resistance. The extrapolated target for this bull flag will push ADA to next upper level resistance.
The RSI indicator is currently respecting it’s upwards trend, which is quite bullish unless broken. Similarly the Stochastics is also showing bullish signs as it projects momentum upwards…
A break bullish break from this formation will make ADA retest the .618 Fibonacci resistances, if volume increases upon this break; it is more probable that ADA will continue its bullish trend, putting in another higher low…
What are your thoughts on ADA’s potential bull flag? Please leave a like a comment
And remember
“Do not anticipate and move without market confirmation—being a little late in your trade is your insurance that you are right or wrong.” -Jesse Livermore
Welcome to another update,
Today’s chart will be on ADABTC pairings, potential trade setup
Points to consider
- Trend recently putting in higher lows
- Price tested major resistance - .618 Fibonacci Level
- RSI testing upwards trend line
- Stochs showing upwards momentum
- EMA’s giving price support
- Volume increasing, above average
- Potential Bull flag formation
ADA has recently experience an increase in bullish volume which pushed price to test local resistance being the .618 Fibonacci Level, where it was then rejected and starting consolidating in a small range…
The EMA’s have been holding price as support whilst a bull flag formation comes to fruition right under the local resistance. The extrapolated target for this bull flag will push ADA to next upper level resistance.
The RSI indicator is currently respecting it’s upwards trend, which is quite bullish unless broken. Similarly the Stochastics is also showing bullish signs as it projects momentum upwards…
A break bullish break from this formation will make ADA retest the .618 Fibonacci resistances, if volume increases upon this break; it is more probable that ADA will continue its bullish trend, putting in another higher low…
What are your thoughts on ADA’s potential bull flag? Please leave a like a comment
And remember
“Do not anticipate and move without market confirmation—being a little late in your trade is your insurance that you are right or wrong.” -Jesse Livermore