ADA - Gearing Up for a Breakout?

Dec 23, 2024

After an impressive rebound from the trend-based Fibonacci extension 1:1 at $0.7655, ADA has been consolidating between $0.92 and $0.85 for the past two days. As the new week begins, today's wOpen at $0.8834 is a critical support level, perfectly aligning with the key level at $0.8806. Holding above these levels reinforces a bullish outlook.

Key Insights and Trade Setups:

Support Zones to Watch:

• $0.8834 (wOpen) and $0.8806 (Key Level).
  

• Maintaining above these levels keeps the bullish structure intact.
  

Long Setup Options:

• A great long opportunity was from today’s wOpen ($0.8834).
  

• Alternatively, wait for a retracement to the golden pocket at $0.8877 of this current wave.
  

• R:R: 2.5, a solid potential reward for the risk taken.
  

Target for Long Trades:

• Aim for the Fibonacci 0.618 level at $0.9448, which aligns with the daily resistance level.
  

• This zone also represents a high-liquidity area where short sellers may be forced to exit positions.
  

Pattern Confirmation:
The potential formation of an Adam and Eve pattern strengthens the bullish case. Confirmation comes above $0.9155, suggesting further upside.

Dec 23, 2024

Trade closed manually

Trade closed, too much much selling pressure.

Dec 24, 2024

Note

Successful long trade with an almost perfect TP hit