$ADA #LoadThePump Edition - Day Trader Explains

Ladies and Gentlemen,

Welcome back to TJs' Trade Corner!!
Today, we will be taking a look at $ADA. One of my long time favorites as many know. It is always amazing to see how technical and predictable $ADA is.

Now, lets get started and not waste any more time.
First thing as always, what is our market structure? What can we see? What happened?
As you see on most Coins at the movement, we had a nice ascending triangle, which had its resistance tested twice and then finally broke out to the upside.
Some might say it was an iHnS, yet that looked very scuffed and had not all the correct technicals for it.

After the break of the resistance at 1275, we saw an amazing rally of +50%. Obviously, straight out of the bear market, 50% is amazing and we had to get a retrace. Here the question was, retrace to what level? A fib level? The previous resistance? Or the previous uptrend support?
Well, since $ADA is our beloved child, it is all of them at once.
As you can see on the chart, the candles are approaching exactly the level of 1259/60 where the previous resistance (red), the previous support (green) and the 61.8% line (yellow) cross each other.
Important to notice here is, fibs are applied at the December low and the yearly high. I can see how somebody would apply it at the 1055 Double bottom, yet doing that one has to cut edges at the top and does not get such a clear picture.

Next one is Volume.
We see very dominant and significant volume on the buyers side, before the drop. Yet, during the retrace, we have no significant volume, apart from today. This means that we will either go down more tomorrow, or if we get significant buy volume tomorrow, the sell-off will come to an end.

Next to TJ-Stoch.
Funny enough, it looks pretty much the same on the 3D as on the 4H time-frame. Approaching the 40p for the next impulse move. Nevertheless, on the 3D the rejection at the 40p line would be way stronger for the D% line, or at least a crossover at or above 40p. Either way, an impulse move is very likely.

Something watch out for.
Sure, it looks very bullish and beautiful, yet we have two dangers to overcome. These would be the possibility that the tripple support does not hold and we just dump through. The second one, would be that this is the set-up for a very rare inverse Cup and Handle formation. Yet, for this one we will see if we have on the bounce continuation patterns or reversal patterns.


This trade has been published before in my private learning group "ETG".
We are going over many observations and possible trades very frequently.
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Cheers TJ