ADA in accumulation buy the crossover
After making a new ATH ADA corrected and started consolidating inside a falling wedge.
It tried to break out but there wasn't enough conviction for an explosive move so instead we have started to form a new sideways trend where we are bouncing between different support and resistance levels and potentially are in another smaller wedge.
200EMA is acting as resistance but looks to be getting weaker. Crossover of 50ema above the 200EMA and a close above it with a bit of volume would be a good swing trade entry, safer entry would be a break of the diagonal local resistance (black line).
Not financial advice.
It tried to break out but there wasn't enough conviction for an explosive move so instead we have started to form a new sideways trend where we are bouncing between different support and resistance levels and potentially are in another smaller wedge.
200EMA is acting as resistance but looks to be getting weaker. Crossover of 50ema above the 200EMA and a close above it with a bit of volume would be a good swing trade entry, safer entry would be a break of the diagonal local resistance (black line).
Not financial advice.
Comment:
might not be done correcting yet. local support at 1.95 is getting retested many times this could lead to another quick wick down to 1.80 where the daily 200 ema is. Potentially 1.65 - 1.70 area which would be a good entry point to take a long
Trade active:
Beautiful bounce from weekly support going long