Until Recently ADA had traded in a bear trend establishing lower highs and lower lows.
However, the bears broke and support was found at the 1.12-1.00 support zone.
What am I looking for? In order to show that the bulls have taken over, price must establish Higher Highs and Higher lows. As such, I am looking for price to break 1.45 and 1.60 to confirm that the bulls have taken over and can continue to drive price higher and higher.
If price breaks out of bear trend but doesn't break the 1.45 price we can suggest a horizontal channel.
If price is rejected and breaks below 1.30 we can suggest another retest of the support zone.
Best of luck, Like/Follow for more.
However, the bears broke and support was found at the 1.12-1.00 support zone.
What am I looking for? In order to show that the bulls have taken over, price must establish Higher Highs and Higher lows. As such, I am looking for price to break 1.45 and 1.60 to confirm that the bulls have taken over and can continue to drive price higher and higher.
If price breaks out of bear trend but doesn't break the 1.45 price we can suggest a horizontal channel.
If price is rejected and breaks below 1.30 we can suggest another retest of the support zone.
Best of luck, Like/Follow for more.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.