ADA - Top-Down Analysis!

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

ADA is sitting around a strong weekly demand zone 0.30 - 0.50 so we will be looking for buy setups.

on DAILY: ADA is forming a channel but the upper trendline is not valid yet, so we are waiting for a new swing high to form around it to consider it our trigger swing. (projection in purple)

Trigger => Waiting for that swing to form and then buy after a momentum candle close above it (gray zone)

Then and only then, the bulls will take over from a long-term perspective.

Meanwhile, until we break above the 1.0 round number, ADA would be overall bearish can still trade lower and dive inside the blue demand zone.

In this case, we will be looking for buy setups on lower timeframes.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich