ADA/USD 6hr
Hi. Hope everyone is having a great day : )
ADA continues to make higher lows inside an ascending triangle. ADA appears to have just started a bounce off the bottom trend line which is an area of heavy support as seen by the thick green kumo cloud. However, the buy to sell ratio at this price level is 32.8M:32.1M which looks like price will move sideways, maybe even a small dip. If you go back to April 22nd on the ADA chart youll see a fairly large dip before price took off. Dont be surprised if similar happens.
If I had to guess where the breakout is to take place, either up or down, I would assume somewhere in the square. In ascending triangles, breakouts occur 64% of the way to the apex. The conversion line (thin blue line) is starting to shoot upwards which is a great sign if it can get above the red base line then price movement follows suit. Even looking 26 periods ahead you can see the kumo twist initiating that indicates potential future price increase.
As far as MACD and the SRSI, its fairly boring and moving sideways / slight downwards for now.
Overall I am still bullish on cryptocurrency. I dont believe we're in the start of a bear market but we will see what happens with this pattern.
Of course this is not trading advice. Mostly so, I hope I am able to provide you with hopium. Cheers!
ADA continues to make higher lows inside an ascending triangle. ADA appears to have just started a bounce off the bottom trend line which is an area of heavy support as seen by the thick green kumo cloud. However, the buy to sell ratio at this price level is 32.8M:32.1M which looks like price will move sideways, maybe even a small dip. If you go back to April 22nd on the ADA chart youll see a fairly large dip before price took off. Dont be surprised if similar happens.
If I had to guess where the breakout is to take place, either up or down, I would assume somewhere in the square. In ascending triangles, breakouts occur 64% of the way to the apex. The conversion line (thin blue line) is starting to shoot upwards which is a great sign if it can get above the red base line then price movement follows suit. Even looking 26 periods ahead you can see the kumo twist initiating that indicates potential future price increase.
As far as MACD and the SRSI, its fairly boring and moving sideways / slight downwards for now.
Overall I am still bullish on cryptocurrency. I dont believe we're in the start of a bear market but we will see what happens with this pattern.
Of course this is not trading advice. Mostly so, I hope I am able to provide you with hopium. Cheers!
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