BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
ADA has closed its 4hr candle above its Ichimoku Cloud , avoiding a Conversion Line/Base Line cross and another drop into the Bearish Zone of the 4hr chart. It looks promising we'll see ADA break back out of its Ichimoku Cloud Equilibrium Zones on the 3hr and 2hr charts. Once ADA gets back into its Bullish Zone on the 1hr chart, we are back in business. ADA is also approaching its Bollinger Bands middle band on the 4hr, so a good sign is if we close above the middle band and that becomes support on the 4hr as we have done on the 1hr and daily charts . If we do dip lower back into the equilibrium zone on the 4hr, it doesn't matter if we wick lower, its where the candle closes that matters, so a good sign will be if we close that 4hr candle back outside in the bullish zone. We also now have our Ichimoku Cloud Base Line and Leading Span A Support Level at roughly the same level around $0.262 to hopefully cushions any potential drop. Good luck
Comment: We now have a potential Inverse Head and Shoulder Pattern forming on the 4hr chart. If this new 4hr candle closes above its Leading Span A Support, makes its way up to the neckline and follows the pattern back down to the right shoulder, then we could see a big movement upwards of about 34% around if it breaks out of the neckline on 14th-15th Jan.
Comment:
Comment: The Inverse Head and Shoulders looks like its was invalidated, but we are still looking really good for a potential break out soon. If we had a worse case scenario where BTC dumps again and drags all alts down, even if ADA dips into the Cloud support again, i'm confident that ADA will not stay below the Leading Span A (Senkou Span A) Cloud Support for very long. I hope this is helpful.

Comment: If we look at the 4hr chart, at the moment, ADA has broken downwards out of its Pitchfork Pattern, but is in a Broadening Wedge Patter, so it looks like we may dip to the 100EMA or the Leading Span B (Senkou Span B) Cloud Support & then rebound to eventually break our yearly high. It's unlikely we will dip to the 200EMA unless BTC really tanks over the weekend. Good luck

Comment: Looking at the pattern, it looks like, we may also still have a very ugly Inverse Head and Shoulders pattern.
Comment: ADA is looking fantastic. Here is a 4hr chart update to show what ADA needs to break through and what ADA has below it as potential support. ADA has also broken out of its Broadening Wedge Pattern which has now become support. I hope this is helpful

Comments

Thank you for this. Update?
+1 Reply
entertheroach ontherunsince1905
@ontherunsince1905, We now have a potential Inverse Head and Shoulder Pattern forming on the 4hr chart. If this new 4hr candle closes above its Leading Span A Support, makes its way up to the neckline and follows the pattern back down to the right shoulder, then we could see a big movement upwards of about 34% around 14th-15th Jan.
+1 Reply
ontherunsince1905 entertheroach
@entertheroach, thank you. Would you say that this pattern is being confirmed?
Reply
entertheroach ontherunsince1905
@ontherunsince1905, So far it looks really promising. Please see the attached recent screenshot above 👍
Reply
ontherunsince1905 entertheroach
@entertheroach, thanks. Wouldn't you say that there is a little too much sideway action for this pattern to obtain?
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entertheroach ontherunsince1905
@ontherunsince1905, It doesn't have to be a 100% perfect pattern, and trading sideways slightly doesn't matter. An example is, we could have 2 candles as the right shoulder bottom and still be a valid pattern. We don't have confirmation yet, so if this 4hr candle closes in the green, then next 4hr candle is crucial to close at or above $0.308. It's possible we'll get full confirmation that we'll hit the nekline in 8hrs.
+1 Reply
ontherunsince1905 entertheroach
@entertheroach, thanks for these instructive explanations.
+1 Reply
entertheroach ontherunsince1905
@ontherunsince1905, My pleasure 🙏
Reply
Good call. Please keep posted.
+1 Reply
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