ADA Trendline Support and Indicators (4h Details)
As in my previous post that looked at it from a weekly/daily perspective, I mentioned certain patterns emerging in the 4h view - here it is.
you see rises, then consollidations - followed by further rises. it respected the trendline upwards around 7 times (if you count only full contact, then 5). and as it seems the 4th accumulation is over and takes ada to the 1.20 high volume zone (in which it may get rejected). RSI is in this view not overbought at all. Volume indicates some level of support at $1 dollar.
looking at it I see
ADAUSDT go to $1.20, correct towards trendline at around $1.05, then go higher towards $1.25 or beyond.
IF it loses momentum and the trendline, the first line of possible support is at around 88 cents. volume based, the next support comes at 75 cents.
you see rises, then consollidations - followed by further rises. it respected the trendline upwards around 7 times (if you count only full contact, then 5). and as it seems the 4th accumulation is over and takes ada to the 1.20 high volume zone (in which it may get rejected). RSI is in this view not overbought at all. Volume indicates some level of support at $1 dollar.
looking at it I see
ADAUSDT go to $1.20, correct towards trendline at around $1.05, then go higher towards $1.25 or beyond. IF it loses momentum and the trendline, the first line of possible support is at around 88 cents. volume based, the next support comes at 75 cents.
Nota
ps: don't know why it got cut off on the left side there.Trade ativo
the upwards trendline with horizontal resistance got touched both as expected. 1.19 and then downwards to 1.05, tho I'd like it to really touch the trendline again. either way, an attempt to the upper range of the high volume zone (around 1.25 as stated before).
of course there is a potential rejection in place, but if it successfully breaks and successfully retests the previous resistance (flip to support) we could expect a run towards 1.40 at least.
using fib and fib extension I can see the following:
- short term, fib from past high of the upmove until past low of the current upmove: 161.8% is at 1.33, 261.8% is at 1.60 $
- mid term, fib from the past high before the recent upmove to the low before the recent upmove: current resistance at 161.8 and after breakout, target of 1.67$
Nota
Trendline for the upmove didn't hold this time - it almost bounced from the support line bellow at 90 cent before recovering upwards. therefore, the trendline is invalidated and I'll need to check the chart for a possible consolidation area and next moves.
Aviso legal
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