ADA, another small drop and after go LONG

In my previous analysis on ADA I mentioned the possible rebound on the long-term trend line. Unfortunately the trend lines have been broken and ADA has since found itself in a bear trend. On July 15th it started to form a triangle, the possibilities were either a pennant (a continuation figure of the current trend) or an ascending triangle (eliminating market noise). It turned out to be a continuation pennant with targets in the 0.045 - 0.043 $ area. I also indicated a new trend line (dotted line) perfectly joining the minimums of 7/12/2018 and 15/12 / 2018. The pennant target should be supported on this trend line. RSI oversold on the daily, but I think it can easily going lower.
Note RSI trend line, previous impulses failed to violate it.
I take long positions as soon as I have confirmation signals of trend reversal, then RSI oversell, strong volume on the dotted trend, with consequent rebound and confirmation at closing of the daily candle. Set stop loss in case it goes below the trend line. Next I will evaluate by monitoring the possible break of the RSI trend line and the various 5-20-period moving averages to be sure of the start of a new bull trend, otherwise I will try to ride the bear trend correction.


(PENNANT and Target) and MA 5 (purple) MA 20 (red)

Decrescent Volume

Comment:

Falling Wedge

2 possible scenarios:
1) Minimum double and break up of the wedge
2) Lower minimum and break of the upward wedge