ADA - Not Done Yet! Inverse Head & Shoulders Pattern!
Hello Traders,
As I had posted last week about ADA being in the midst of a Elliot wave. We have finished that last wave and went into a short correction period.
Now we are seeing an inverse head and shoulders pattern. Which seems to be a common pattern forming on a few of the bigger coins out there, like VET (you can see my post from yesterday here)
Like VET had done, ADA now looks to be breaking out of the upper trend line on the chart and following the strong bottom trend line.
I expect we will see a continued uptrend after completing the inverse right shoulder.
Something to consider. There can be huge pumps and gains when positive news starts to get published about a coin. Usually the news is relating to a new milestone the coin/ company is about to release and as the euphoria takes off, so does the price. But you will notice, after the coins company has actually released the new update/ product, the coin will start to retrace back down to realistic prices.
I do believe ADA has enough supporters and new money to continue holding the current price range of $1.24-$1.32, time will tell though.
In the short terms, I will be keeping a close eye on market sentiment and whether our not ADA has hit a wall and it would be best serve to move on to the next trade. For now, we should retest recent ATH’s and a goal target of $1.78.
Also, you can take a look at my last weeks ADA post here:
Good luck!
As I had posted last week about ADA being in the midst of a Elliot wave. We have finished that last wave and went into a short correction period.
Now we are seeing an inverse head and shoulders pattern. Which seems to be a common pattern forming on a few of the bigger coins out there, like VET (you can see my post from yesterday here)
Like VET had done, ADA now looks to be breaking out of the upper trend line on the chart and following the strong bottom trend line.
I expect we will see a continued uptrend after completing the inverse right shoulder.
Something to consider. There can be huge pumps and gains when positive news starts to get published about a coin. Usually the news is relating to a new milestone the coin/ company is about to release and as the euphoria takes off, so does the price. But you will notice, after the coins company has actually released the new update/ product, the coin will start to retrace back down to realistic prices.
I do believe ADA has enough supporters and new money to continue holding the current price range of $1.24-$1.32, time will tell though.
In the short terms, I will be keeping a close eye on market sentiment and whether our not ADA has hit a wall and it would be best serve to move on to the next trade. For now, we should retest recent ATH’s and a goal target of $1.78.
Also, you can take a look at my last weeks ADA post here:
Good luck!
Trade attivo:
Watch for a re-trace back down to the 1-hr, 100 EMA(price range: $1.23-$1.25). It’s been following this line pretty consistently. As we move into the afternoon, I would expect a retrace back to this area, which will be a good zone to start layering in orders as soon as it bounces off.
