ADAUSD has been on a tear. The 12-hour time-frame chart reveals a perfect Ichimoku set-up all the way from cloud breakout on 26th June.
All lines on the current Ichimoku 12-hour point up. There is a major horizontal resistance level 10% above current price so we think price will tag that level where many traders will take handsome profits off the table. A 150% run.
Higher time-frame momentum is still very good so we expect some consolidation around the 11 cents before a continuation upwards.
Note: RSI is only a possible temporary dampener. An overbought level does not really mean overbought. It may just require a quick dip re-set before continuation. Naysayer beware. The bull is strong.
All lines on the current Ichimoku 12-hour point up. There is a major horizontal resistance level 10% above current price so we think price will tag that level where many traders will take handsome profits off the table. A 150% run.
Higher time-frame momentum is still very good so we expect some consolidation around the 11 cents before a continuation upwards.
Note: RSI is only a possible temporary dampener. An overbought level does not really mean overbought. It may just require a quick dip re-set before continuation. Naysayer beware. The bull is strong.
Price seems to be approaching parabolic increase and we won't be surprised at all to see a hefty drop back to the horizontal for consolidation... but we won't be surprised to see price just continue on up from here either.
The weekly chart momentum is strong. We'll do a new chart at the start of the new week. Look out for it.