Let's take a quick look at the 4hr ADABTC chart and see what we can expect in the next few days. To start, notice the fib lines referencing the decline from 9000 to 3600 satoshis. I've pointed out five failed breakouts, circled in red. Each time the bulls have attempted a breakout they have been thwarted, once at the 61.8%, four times at the 50%, once at the 38.2% and then most recently at the 23.6%. The two most recent breakout attempts have also coincided with the downward slope of a that has formed over the last week and a half. There are also a pair of dotted blue lines denoting some recent support. We have dipped below the top support line and fallen down to the lower where strong buying appeared. From there ADABTC has been trapped in the triangle. shows signs of a break to the downside to retest the lower dotted support line. If this happens, there is potential to become range bound between the dotted lines.
Be safe and smart out there. Take luck!
MACD is just crossed upwards. RSI is pointing down, however there is lots of room to move up. On an upward push by the bulls we can expect the 23.6% retracement line to pose resistance. Notice the red circles where the last two tests have failed to break through. Third time is the charm, right? Maybe, but we cannot forget about the orange mega downtrend line. If ADA manages a confirmed breakout above the mega downtrend though, this would signal the start of a new uptrend. Considering the overall market sentiment, we can be hopeful at the very least.
Trade smart and take luck! See yall soon
Hope is coming, just be patient. When trends keep moving lower like this, it is OK. We just wait for the bottom so Miss Lovelace can spring up like a rocket.
Have a great night! Trade smart
I look forward to supporting your trades in the future!