entertheroach

ADA, ADA, where for art though ADA

Long
KRAKEN:ADAUSD   Cardano / U. S. Dollar
On the daily chart , ADA is finally out of its Ichimoku Cloud equilibrium zone and back in the bullish zone. I would've preferred if it broke out sooner and with a Conversion Line cross over the Base Line above the cloud or at least within the cloud for a medium bullish signal. ADA is a also back above its last yearly high which is now a major support level . Confirmation will have to wait as we do not have a new green cloud yet or a conversion/base line cross so there is a possibility ADA may dip back to its last yearly high, especially if Bitcoin drops back to its 78.6% Fibonacci Level on its weekly chart. We now have our last yearly high, 38.2% Fib, conversion Line, Base Line, cloud support levels, 23.6% fib and the 200EMA to cushion any potential drop before we even get close to breaking out of our Pitchfork Pattern on a downward trend so i am not worried. The STOCH is indicating we have the possibility to go higher before we get into oversold territory. With the anticipation of Goguen announcements in a few days, we could see a spike approaching the end of next week. Long-term, ADA is still poised to follow its upward Pitchfork pattern. I hope you found this helpful. Good luck 👍

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