ADA/BTC Higher Lows | Critical Resistance | Triple Bottom
Hello Traders!
Today’s chart update will be on ADA/BTC which has been putting in consecutive higher lows as it comes to test a critical resistance level. Will ADA have enough momentum to break this level and maintain a bullish bias?
Points to consider,
- Overall trend changing
- Support respected with a triple bottom
- Resistance currently being tested
- Stochastics neutral, projected upwards
- RSI neutral, not overbought
- Bollinger bands tightening
- VPVR decreasing in volume of transactions
ADA has changed it’s mid- term trend from its overall bearish sentiment, a full trend change confirmation will only come to fruition when the critical resistance level is broken. Support has been respected; a triple bottom is evident, signalling that buyers are strong in that area. Resistance is being tested as of now, has rejected price multiple times, however this time price is consolidation near resistance, signalling a break looks imminent.
The stochastics is neutral at current time; momentum in either direction will dictate the bullish and or bearish bias. RSI is also neutral, respecting its trend line as it approaches its apex.
The Bollinger bands are tightening as ADA reverts back to the mean; this signals that a break will be imminent. The VPVR is clearly decreasing in volume of transactions; bulls have low resistance poised in the cluster above.
Overall, in my opinion, ADA/BTC will confirm its trend change by breaking current resistance convincingly. This will allow the trend to put in a new higher low. A rejection from current point will send ADA back to support, which will probably confirm a trading range.
What are your thoughts on ADA/BTC?
Please leave a like and comment,
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Today’s chart update will be on ADA/BTC which has been putting in consecutive higher lows as it comes to test a critical resistance level. Will ADA have enough momentum to break this level and maintain a bullish bias?
Points to consider,
- Overall trend changing
- Support respected with a triple bottom
- Resistance currently being tested
- Stochastics neutral, projected upwards
- RSI neutral, not overbought
- Bollinger bands tightening
- VPVR decreasing in volume of transactions
ADA has changed it’s mid- term trend from its overall bearish sentiment, a full trend change confirmation will only come to fruition when the critical resistance level is broken. Support has been respected; a triple bottom is evident, signalling that buyers are strong in that area. Resistance is being tested as of now, has rejected price multiple times, however this time price is consolidation near resistance, signalling a break looks imminent.
The stochastics is neutral at current time; momentum in either direction will dictate the bullish and or bearish bias. RSI is also neutral, respecting its trend line as it approaches its apex.
The Bollinger bands are tightening as ADA reverts back to the mean; this signals that a break will be imminent. The VPVR is clearly decreasing in volume of transactions; bulls have low resistance poised in the cluster above.
Overall, in my opinion, ADA/BTC will confirm its trend change by breaking current resistance convincingly. This will allow the trend to put in a new higher low. A rejection from current point will send ADA back to support, which will probably confirm a trading range.
What are your thoughts on ADA/BTC?
Please leave a like and comment,
And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
Trade closed: target reached