I quick work up of the chart has me believing we will see a little more downside and a possible move down to all time lows on ADA . Not sure we will get there as it appears we are on signficate support based on the current and last two 4HR candles.
If we can break this level, i think we can see the .45-.50 area and if so, i'll be looking to add to my current position. MAs on lower timeframes are telling me this is quite possible.
Looks as though price is respecting this trendline at the moment, so are we simply forming a higher low on the 4HR? I'll be watching to see if price down in fact move back down to test the .55-.50 area.
We are continuing to see LH and HL form in price action as we are narrowing on the 4HR chart. We can expect a significant break of this area, but direction is yet to be determined.
Based on my MA setups i'm fairly neutral at the moment, but have a bias to the downside as price is below the the 200 EMA on the 3HR and below. We don't have enough data for a 200EMA to be plotted on the 4HR and above yet given ADA hasn't been around long enough.
On those lower time frames, we are clearly below on 3HR and 2HR, but other lower frames price is playing with the 200 as we approach the end of that wedge.
I expect we might see price stay bound through the weekend and a move late Sunday Monday morning.