Welcome! To start off, ADA
has been making a wedge
formation that is neither leaning bearish
, but it would be my expectation for it to break upward with our entry being at point D after the price bounces off of the lower trendline
. I've added what I'd like to see the ichimoku cloud
change to on the chart above; a thinner cloud indicating decreasing resistance.
The price should move up through E wave, break into the cloud, then move out, support test yellow and then a bounce to reach for the first target in blue.
If you enjoy my analysis be sure to give a like!
Original idea by Tom https://www.tradingview.com/chart/ADABTC...