Price action broke out of the at 1100 sats . This support was retested subsequently and failed to break. We see a on the 4hr follow through with a higher close on the subsequent candle. There is are pinbars present with no follow through to the downside showing that the bulls have been buying up the sells forming a base of support.
Red 10 and Yellow 21 crossing the Purple 200 =
has crossed the and is now heading into the control zone.
Price is now retesting the upper attempting to break out.
There has been a retest of the Blue 377 and 0.236 Fibonacci level but price failed to close above them at this point in time, however, I currently believe that price will close above these levels fairly soon.
Some divergence on the 4hr , however on the 1D to 3D time periods is crossing up strongly so I am not concerned with the downward cross on the 4hr .
shows little resistance, the targets I am looking for are 1210 sats , 1250 sats , and then a retest of the 0.382 Fibonacci level at 1318 sats .
At the time of publication, there is what can be interpreted as a or gravestone forming, there are another 2 hours for this candle to close, I will look to the following candles for confirmation. There may be a pullback however I am following the medium to long term trend so personally am not concerned by this at the moment.
In my option, there is a fundamental element to this bottoming out and then reversal on ADA/BTC and that is the update of the road map and the fact that the release date of the Shelley test new will be announced sometime within the next few weeks.
As long as the price is above the 10 and Yellow 21 the trend is and I will continue to follow this trend up until I see signs of a reversal to the downside on the medium to long term time frames.
Thanks for taking the time to look at my analysis, feedback is always welcomed ^-^