If we take a look at figure 1, we can see a breakout from the previous channel. Though, it can only go so far because most of the buying volume occurred at the top of the last push (figure 3 - the blue volume bars). That is creating a bit of resistance even though it looks like ADA wants to break further. By Friday I'm sure it will have consolidated further and be able to push up the new trend that we see (figure 2). There is a bit of buying support at the 1.07 level to keep it from dropping to the 1.89 level. The fact is, it is going to take a bit of consolidation, and Friday's good news, to push past that 1.14 - 1.18 zone and breakout where it needs to. If it can push past 2.18, it will confirm an upward trend. If it passes 2.30 on Friday, it will be a massive upward trend.
This is not financial advice. DYODD.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
This is not financial advice. DYODD.
Feel free to like this chart and follow me. All the support is welcomed. Thanks again! GLHF.
Comment:
The new trendline (figure 2) is being heavily tested and defended. One hole has been poked through already, if it fails, expect a slight pullback and further consolidation.
Comment:
Watching the fight on the 1m chart right now, and it is truly insane! If I was an ADA bear (or just selling right now) I would feel as though I am getting trolled. LOL
