ADA/USD - Breakout, fakeout and return to support. 🤣
ADA made a significant break above the descending triangle this week and reached the resistance at $2.4 where it was sharply rejected by the bears. Since then, ADA’s price fell back to the breakout point leading to only a 1.8% increase in the past seven days. This reversal is quite unfortunate and shows that the bulls were only interested in ADA during the breakout and quickly vanished as soon as they hit any resistance.
ADA is still stuck between the support at $1.9 and the resistance at $2.4. Nevertheless, with this breakout, it did achieve one important aspect. It stopped the bearish trend.
Looking ahead, ADA can consolidate within this range before another attempt is made to break away from the $2.4 resistance. Once that happens, ADA has a good chance to explore higher price levels. Until then, the bias for ADA remains neutral.
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ADA is still stuck between the support at $1.9 and the resistance at $2.4. Nevertheless, with this breakout, it did achieve one important aspect. It stopped the bearish trend.
Looking ahead, ADA can consolidate within this range before another attempt is made to break away from the $2.4 resistance. Once that happens, ADA has a good chance to explore higher price levels. Until then, the bias for ADA remains neutral.
Like and follow if you liked my idea!
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