ADA/BTC possible breakout, Long opportunity
Updated
ADA sitting on good support right now.
We have the following:
- Trendline Breakout
- RSI Bullish Divergence
- Ichimoku Cloud offering support below
- Kijun-Sen and Tenkan-Sen are far apart meaning the market is not in equilibrium. Since Kijun is flat price could bounce back to it for market equilibrium.
HOWEVER! There is big H&S Pattern staring us in the face. If it breaks down below with high selling volume it could push through the cloud easily.
Either enter now with a very tight stop loss or wait for a breakout. First target is immediate resistance line, second target is Kijun-Sen.
We have the following:
- Trendline Breakout
- RSI Bullish Divergence
- Ichimoku Cloud offering support below
- Kijun-Sen and Tenkan-Sen are far apart meaning the market is not in equilibrium. Since Kijun is flat price could bounce back to it for market equilibrium.
HOWEVER! There is big H&S Pattern staring us in the face. If it breaks down below with high selling volume it could push through the cloud easily.
Either enter now with a very tight stop loss or wait for a breakout. First target is immediate resistance line, second target is Kijun-Sen.
Note
Not the most convincing breakout... The slightly increased volume on the last candle is a good sign. I think chances are high it will reach the first target.
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