ADA/USDT 2H
ADA/USDT is working through a possible HTF trend reversal following long-term consolidation within a descending channel. Price initially bounced off of a HTF support level within the channel (Daily 0.786 fib level) before forming a possible Inv. Head and Shoulders pattern and breaking out of the descending channel. Price is currently challenging overhead resistance, and a close above is necessary to provide validation for bullish sentiment. If a close above is achieved, we are looking for previous resistance at the neckline of the Inv. H&S to now hold as support to continue an upward move. A possible long opportunity would be provided on a support bounce if a successful S/R flip is achieved.
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