ADA Cardona forming a head and shoulders pattern

Updated

Fellow traders, Be prepare for the next move. It appears to me that the completion of the head and shoulders is completing now and we are going to see the last part of this pattern. In my opinion this is really needed for ADA to continue upwards on a solid ground. Also it's a very good opportunity to buy at the bottom and collect your profits later. What to expect next is we will revisit the 1.13 area, and following that to revisit the 0.96 area. If we go below the necklines, than we have confirmation of what is going to happen next, correction to the level of 0.75 area. Goldens buying opportunity between 0.85 and 0.75 to open a long position.
Please trade at your own risk.

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Short term Update

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Another Short term update: ADA symetrical triangle in the hourly chart has changed to a descending triangle with a strong support at 1.17 due to the good news coming from Charles about Africa deal. Therefore we may have a surge up in price to 1.26 coming up.

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We are still in the consolidations for while, here is what to expect in the near future: If ADA breakout the 1.27 we have a good chance to continue upwards the 1.31 giving us a strong confirmation for a new ATH and therefore the Head and shoulders becoming invalid. On the other side, if breakouts downwards the 1.17 than this pattern still valid. Right now we're in between the 1.26 and 1.17 channel, outside of this channel, things will get accelerate either up or down. ADA Cardona has a lots of good new and strong support from the investors, so I expect positive outcome out of this either way.

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Hi guys, It appears to me that we are getting away from the head and shoulders lately and It's becoming increasingly invalid . ADA is forming an ascending triangle witch is Bullish trend about to be created from the point we are now $1.22.
I expect the breakouts to happen very shortly and the trend will continue upwards towards the 1.31 area, a stop there for consolidations and continue towards the 1.48 again.

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Head and shoulders pattern is back with us if we breakdown the 1.02 witch we are headed to now if the 1.13 doesn't hold.

PatrickHob

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