After a beautiful Elliot impulse, followed by ADA respecting the corrective contracting triangle ABCDE. The Last Leg E was interrupted due to the btc mania that went on today, with price breaking up and setting some ugly bearish divergence on the macd and rsi which could have been avoided if we finished leg E. This makes me think that this move was a little...
Not investment advice.
note: A break below lower trendline, due to a major btc drop, could see us testing btw 27-28cents, which would probably be a spring board type event double bottom, we wont stay at those prices for long if it does happen.
I am quite bullish on ada.
After bouncing off lower trendline after correction, I am waiting for a break of the down trend for price to either flythrough the upper trendline straight to 41 cents or to retest trendline and find support at the 34 cent level before moving higher. (Which depends on how much volume we get)
Just my opinion. Not financial advice.
BTC has touched the top of its large ascending broadening triangle structure for the second time, similar to previous price action noted on the chart.
Taking past action into account, this is a likely path, moving along the upper triangle resistance until a decent retrace to test both the bottom triangle support line, and likely the neckline break of 20000...
Statistics for the rounding bottom:
- In 62% : there is a bullish reversal
- In 86% : the exit is upward
- In 40% : a pullback occurs on the neckline
Entry: Take a long position at the breakout of the neckline
Stop: The stop is placed below the neckline