ADA Overview & Levels [12H]

4 apr 2018

Candlesticks look like forming a bearish continuation pennant following the extended decline from Jan 25 (white dotted lines), but the volume profile and StochRSI also support a consolidation hypothesis. A downside breakout would involve a retest of the local lows, below which stops should be set (~0.0001649). Upside targets are in play with a bullish break of the pennant, with confirmation at ~0.00002500 (opening trade here); TP1: ~0.00003200, TP2: 0.00004100. Be weary of consolidation at the 0.00003600 and 0.00004700 levels as those also offer possible entries for shorts based on the all-time fib retracements, and note that we could see an intermediate consolidation around 0.00002800 after retracing from TP1. Arrows are illustrative of expected price movements, not timing.