ADA is showing a lot of positive signs on the daily chart. Most importantly, we had a close above the 50-period EMA. There is a rising channel forming, but we are bumping up against horizontal resistance at .048, which also lines up with the 100-day EMA, potentially making it a tough resistance level to crack. Any move above this should be considered a bullish sign. The next resistance level is a .052, but that might not prove to be very solid, especially if we get sustained volume as we move past .048.
If we don't reject from the horizontal resistance, there is nothing but blue sky ahead. This is a longish-term trade, so I plan on keeping my stop loss rather loose.
This set up is invalidated if the price falls out of the rising channel.
If we don't reject from the horizontal resistance, there is nothing but blue sky ahead. This is a longish-term trade, so I plan on keeping my stop loss rather loose.
This set up is invalidated if the price falls out of the rising channel.
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So that happen. Will have to wait and see.