ADA/BTC - Bottom in, but a retracement is necessary
Updated
Ada really made some nice gains. dont forget to follow me on telegram. check out the link on the chart.
we see the H&S bottom was confirmed and completed and we hit some heavy resistance. well probably cool off and move down slowly for the next 2-3 weeks I would say. maybe less.maybe more.
t also looks like wave 3 is finished out of the 5 waves so this cool down period is necessary to create a wave 4. before we go up one more time.
now the thing is this could have been a ABC bounce instead of a 1-2-3 (4 and 5 not formed yet)
the reason why i highly doubt that is the H&S break out and bottom patrern. this is a clean trend reversal imo. but if you dont think so, look out for blue wave 1. if we decline into that area before creating a wave 5 we MAY be in for a new lower low.
I doubt it but keep it in mind.
good luck and dont forget to follow me on telegram. check out the link on the chart.
we see the H&S bottom was confirmed and completed and we hit some heavy resistance. well probably cool off and move down slowly for the next 2-3 weeks I would say. maybe less.maybe more.
t also looks like wave 3 is finished out of the 5 waves so this cool down period is necessary to create a wave 4. before we go up one more time.
now the thing is this could have been a ABC bounce instead of a 1-2-3 (4 and 5 not formed yet)
the reason why i highly doubt that is the H&S break out and bottom patrern. this is a clean trend reversal imo. but if you dont think so, look out for blue wave 1. if we decline into that area before creating a wave 5 we MAY be in for a new lower low.
I doubt it but keep it in mind.
good luck and dont forget to follow me on telegram. check out the link on the chart.
Note
getting close to that area of a good buy zoneNote
looks very good right now! would be a good idea to start laddering in
Related publications
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.