ADA is this a breakout?
Updated
ADA in downtrend for last 190 days and it seems it is breaking out of the descending channel.
We had expected a pump from 0.8 which was the untested low.
Analysis
As it seems there are so many resistance factor on the chart so its safe to assume this another fake breakout and lets wait for a successful retest of the trendline.
We had expected a pump from 0.8 which was the untested low.
Analysis
- The blue line is a trendline which is acting as great resistance and its from ATH
- The green line acting as support line
- The red line is the line which act as breakout resistance
- History shows us there is 2 previous false breakout on ADA
- Also 21 and 100 weekly moving average are also acting is resistance.
As it seems there are so many resistance factor on the chart so its safe to assume this another fake breakout and lets wait for a successful retest of the trendline.
Note
Exactly happened as plotted fall from the 21 weekly moving average.Note
Reaching untested low if BTC stay strong or sideways we see a decent bounceTrade closed manually
67% profit to the wick
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