ADA seems to be following 100D MA and bouncing off it while trading continually under the 50 and 20 with strong resistance marked by the rectangle in purple with two long wicks, will be watching for during the week to see if it can again bounce off the .5 and support area at 2.059ish if this area holds we may see it retest the strong resistance area of that purple rectangle zone marked with the two long wicks which is also the next fib area to break. Keep in mind this area also has previously functioned as a supply zone in the previous breakout marked with a flag. Depending on your risk tolerance and trading strategy I don't see this as a bad area for a long entry keep in mind for myself I will be entering on a touch of the 100MA line which should end up near the support and fib line.
Just an Idea and be interested to see how it plays out I will be monitoring hourly charts for momentum for an entry to this setup.
Cheers and best of luck
Just an Idea and be interested to see how it plays out I will be monitoring hourly charts for momentum for an entry to this setup.
Cheers and best of luck
Comment:
Added long position box for show of possible target where I enter depends on lower timeframe say 1 hourly.