m44kka

ADA - Busted Ascending triangle

Long
KRAKEN:ADAUSD   Cardano / U. S. Dollar
We broke out of the ascending triangle ( bearish ) however, you can see we have also now broken out of this falling wedge pattern ( bullish ) and now creeping back up towards the ascending triangle (Busted Ascending triangle Pattern Bulkowski). There will be strong resistance around the 1.60 - 1.65 $ region, but strong buying volume will lead us back into the triangle and hopefully a breakout to start targeting fib levels of 1.69, 1.81 and importantly the psychological resistance of 2.00 $. Furthermore, failure to keep support above the 1.43 will bring us down to 1.32 where there is strong support.

The macD is showing some bullish strength. However, the RSI does look like its approaching some sort of resistance on the short term.
Trade active: found support of the previous falling wedge, resistance under the ascending triangle. breakout soon

Comments

Thanks for sharing.
We have clear support and resistance, good for retail traders.
+1 Reply