ADA: Channel Down Breakout
Trade setup: Bullish breakout from a Channel Down pattern could be followed by an upswing in price with +20% upside potential to $0.60. Stop Loss at $0.44, just below the prior swing low.
Pattern: Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Neutral on Medium-Term basis and Uptrend on Short- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $0.46 (previous resistance), then $0.40 - $0.42. The nearest Resistance Zone is $0.65, then $0.75.
Pattern: Price was trading in a Channel Down pattern. With complete patterns (i.e. a breakout) – initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side. When this happens, the price can move rapidly in the direction of that breakout.
Trend: Neutral on Medium-Term basis and Uptrend on Short- and Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral).
Support and Resistance: Nearest Support Zone is $0.46 (previous resistance), then $0.40 - $0.42. The nearest Resistance Zone is $0.65, then $0.75.
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