On a 4H chart it seems like there is a double bottom in the forming on the lower band of the channel, that holds the price for the past 3 weeks. On a larger scale we can see an attempt of inverted H&S that failed at the now upper channel resistance level.
Full double bottom formation would most likely mean retest of a channel resistance - with RSI and MACD levels low, there could be a breakout if the overall crypto market starts gaining strength.
For now ADAs price stills correlates to BTC movement. Past few days it seems like a market could be forming a local bottom, opening a potential for a slow climb towards previous highs.
PERSONAL TRADE:
Enter trade at: 1.45
TP: half at 1.75, half keep for chance of a breakout
SL: 1.30
Risk reward ratio: 2:1 + (depends on second half Profit taking)
Would re-enter the trade if price comes to retest pre resistance in case of a successful breakout.
Check my MACD Histogram Script. You can get it for free if you click on my profile and check scripts section ;).
Full double bottom formation would most likely mean retest of a channel resistance - with RSI and MACD levels low, there could be a breakout if the overall crypto market starts gaining strength.
For now ADAs price stills correlates to BTC movement. Past few days it seems like a market could be forming a local bottom, opening a potential for a slow climb towards previous highs.
PERSONAL TRADE:
Enter trade at: 1.45
TP: half at 1.75, half keep for chance of a breakout
SL: 1.30
Risk reward ratio: 2:1 + (depends on second half Profit taking)
Would re-enter the trade if price comes to retest pre resistance in case of a successful breakout.
Check my MACD Histogram Script. You can get it for free if you click on my profile and check scripts section ;).
