ADA/USDT : Will the trendline hold the price ?
ADAUSDTHello everyone 😃
Before we start to discuss, I would be glad if your share your opinion on this post and hit the like button if you enjoyed it !
#ADA has formed a symmetrical and now, It just failed to break above the higher trendline at 3rd attempt.
EMA200 rejects the pair and now, This will cause a drop to lower trendline !
Also it will be the 3rd attempt to breakdown, With the current structure on MACD ( being bearish ) bears have the upper hand...
Have to mention that the breaker line in low TF is located at $2.165, So if #ADA close below it, Then the breakdown more likely to happen.
📊 On other side :
#ADA is moving in a flat top triangle, The bias for this pattern is bullish, But there are some problems with it.
- #ADA's chart is bearish in LTF ( low time frame ).
- RSI has crossed below the bullish trendline and retest it.
- EMA100 is rejecting the pair.
- Daily bearish order block has rejects the pair to retest the higher breaker zone.
The only thing that is supporting the movement is 12H's EMA200 and bullish trendline here, Which are stiff together and caused pullback on the last retest on trendline.
But now EMA200 is getting far to trendline and it's bad for bulls, If they don't manage to hold the price above the trendline, Then it'll be more likely to drop after a retest on broken trendline to the lower S/R zone.
🔴 Currently, Bias is bearish, But once #ADA break above the symmetrical triangle in 4H's timeframe, It'll invalidate the bearish setup !
Attention: this isn't financial advice we are just trying to help people on their own vision.
Have a good day!
Helical_Trades
🔴 Don't forget to join our channels for FREE Premium stuffs !
TELEGRAM :
t.me/Helical_Trades
Instagram ( Persian - فارسی ) :
instagram.com/helical_trades/
TELEGRAM :
t.me/Helical_Trades
Instagram ( Persian - فارسی ) :
instagram.com/helical_trades/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.