ADABTC BITTREX
Updated
Potential inverse head & shoulders forming on ADA currently. ADA has broken down from the long term weekly uptrend briefly but bounced back up off a weekly support. It has then gone on to break out of the daily downtrend and push back up above the weekly uptrend.
After a small retrace back to the uptrend line, ADA may find support here and continue up to complete the inverse h&s. If it rejects the formation here it may continue down to retest weekly support.
I will be looking for confirmation of the trend line holding in the form of a bullish engulfing candle off the trend. There is some strong resistance above and also the long term downtrend line which it has not yet broken out from.
Looking for a quick in and out trade for roughly 5%.
After a small retrace back to the uptrend line, ADA may find support here and continue up to complete the inverse h&s. If it rejects the formation here it may continue down to retest weekly support.
I will be looking for confirmation of the trend line holding in the form of a bullish engulfing candle off the trend. There is some strong resistance above and also the long term downtrend line which it has not yet broken out from.
Looking for a quick in and out trade for roughly 5%.
Note
BTC making all setups get rekt as usual. Not entering any trades now but will continue watching this closely for some movement once BTC stabilizes.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.