Ada breakout
Downtrend on D and W, 89days
26day Consolidation, oct 27-nov 22 before continuing down
Daily Time Frame:
Looks like price bounced off a prev s/r level around 2730
Confirmed prev. s/r @2731 (small support on may8-9. small resistance. feb26)
Possible resistance spotted around 3200
Resistance confirmed @3227 with FibR Confluence @ .618 which also acted as a recent support and resistance during a Consolidation phase lasting 25 days between Oct 27 and Nov21
Recent FibR Support @ .5 (nov22) and @ .382 (Nov23) which could act as possible future resistance levels
Reaction to FibR Support @ .236 and prev support @2731 (May8-9) with confluence
Possible resistance spotted @.5fibR, 2815 and a Spinning Top bounce off 2731 prev. support line
Confirmed with previous support (may 10) and prev resistance (Feb26)
Currently below the previously proposed resistance @2815 and moving up to test, Waiting to see if it closes above @2815
4hr Time Frame:
@2731 Support holds on shorter time frame. May 8-9 support invalidated. Feb 26th Resistance holds. Confluence @.236,2729. Confluence @.382,2778 with resistance @.5,2815
S/R @2874 fibR @.236 holds
Inverted Hammer(s) noticed on the 4hr right above @2731 support
Under-bought on the Inverted Hammer @36rsi
No 4hr RSI Divergence observed
Wick cross above 20EMA resistance. Currently @.382,2778
Decision:
Waiting for Dclose over ps/r @2810 or 4hrclose @.5,2815 before going Long
If it closes below @.382,2776 then short
Notes:
Hangman 8 days ago with bearish Divergence
Short term trend reversal (7days) before continuing down with Macro Downward trend
26day Consolidation, oct 27-nov 22 before continuing down
Daily Time Frame:
Looks like price bounced off a prev s/r level around 2730
Confirmed prev. s/r @2731 (small support on may8-9. small resistance. feb26)
Possible resistance spotted around 3200
Resistance confirmed @3227 with FibR Confluence @ .618 which also acted as a recent support and resistance during a Consolidation phase lasting 25 days between Oct 27 and Nov21
Recent FibR Support @ .5 (nov22) and @ .382 (Nov23) which could act as possible future resistance levels
Reaction to FibR Support @ .236 and prev support @2731 (May8-9) with confluence
Possible resistance spotted @.5fibR, 2815 and a Spinning Top bounce off 2731 prev. support line
Confirmed with previous support (may 10) and prev resistance (Feb26)
Currently below the previously proposed resistance @2815 and moving up to test, Waiting to see if it closes above @2815
4hr Time Frame:
@2731 Support holds on shorter time frame. May 8-9 support invalidated. Feb 26th Resistance holds. Confluence @.236,2729. Confluence @.382,2778 with resistance @.5,2815
S/R @2874 fibR @.236 holds
Inverted Hammer(s) noticed on the 4hr right above @2731 support
Under-bought on the Inverted Hammer @36rsi
No 4hr RSI Divergence observed
Wick cross above 20EMA resistance. Currently @.382,2778
Decision:
Waiting for Dclose over ps/r @2810 or 4hrclose @.5,2815 before going Long
If it closes below @.382,2776 then short
Notes:
Hangman 8 days ago with bearish Divergence
Short term trend reversal (7days) before continuing down with Macro Downward trend
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