Ada potentially gearing up for a big move with this inverse head and shoulders set up. These aren't the strongest performing patterns, so be patient when trading. It is also hard to be bullish while ADA is under 1.00, but this could change everything if it plays out. The price target of this pattern is the 1.60 range, a 75% pump. We are also testing key levels of long term horizontal support, if these lines don't hold things could get ugly.
Moving to the long term VPVR, the point of control is around 1.30, which could be a good range to take profits. Being below almost all of the volume from the past year is also alarming, another reason to be cautious here.
The daily EMA ribbon also flipped bullish for the first time since September 2021, but is currently struggling to stay that way.
All of this convergence is pointing to an explosive move soon, lets just hope its in our favor.
Bulkowski on Head and Shoulders Bottoms: thepatternsite.com/hsb.html
Bulkowski on Head and Shoulders Bottoms: thepatternsite.com/hsb.html