normally i would consider this price action bearish (sort of a hybrid H&S/descending triangle), but in this case i'm expecting ADA to follow the rest of the market, so i'm watching for a breakout to the upside.
longer term, i'm looking to unload ADA at the 1.618 fib channel extension, but may trade the breakout with immediate targets at $2.80 and $3.80. ATH (~$3.10) is usually a good target too, but i'm shooting for $2.80 because of prior resistance and the expectation that 3x buying pressure will subside around that level.
longer term, i'm looking to unload ADA at the 1.618 fib channel extension, but may trade the breakout with immediate targets at $2.80 and $3.80. ATH (~$3.10) is usually a good target too, but i'm shooting for $2.80 because of prior resistance and the expectation that 3x buying pressure will subside around that level.
Note
a break to the downside would send it to $1.55ish
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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.