ADA Bullish Pennant, but does that matter?

26 Des 2023

Bullish pennant on daily. You can clearly see the pole and the volume dropping, both indicating a valid bullish pennant. We would need to see volume surge and for it to break to the upside for validation. Here's the thing, It needs to break above the previous high of .68 cents and that's really the bottom line. Also needs to confirm above that resistance on re-test. Bullish pennants are unreliable with success at around 54% with limited upside if they do break positive, like 6-7% from what I've read. Really IMHO you should be looking at the price action resistance and making a new higher high before trading it. I would look for a bounce off of support in red above the .68 cents previous high. If it fails to do that or breaks down out of the triangle, it's invalid, which happens a lot and can signal a lower low below .54 cents.

26 Des 2023

Catatan

We should know more within 2-3 days time.

4 Jan 2024

Trading ditutup secara manual

Broke to downside

4 Jan 2024

Catatan

This is why the bullish pennant as I wrote is not a very reliable pattern. It printed a lower low. and a lower high.

12 Jan 2024

Catatan

I see this continuing to go down. It is interesting to see Eth pump so much along with alts. It makes you wonder if we are in the 5 wave up now, that would be a surprise. I don't think we are, but always a possibility. I have buy orders at .33 cents set for a while now on this coin. Hoping we can get them filled in the next month or two.