ADA.USDT (Y20.P3.E5).Looking for the next long
Updated
Hi All,
Observations:
> Looking at the structure, it makes plenty of sense that we have likely hit the top on this impulse being point 5
> The indicators on the Daily show a bearish divergence and the chart below showing the downward pressure
> Target 1 equates to the height of the Triangle
> We have had an upward parallel channel with a upward wedge on the last section, indicating a squeeze at the top
> The 21/50 EMA acting as support for ADA's upward trend
The following chart below demonstrates , with a possible wedge to demonstrate the squeeze to the top before dropping to the 0.5 or 0.618 fib retracement level.
8 HRLY chart > Downward pressure on the indicator
My thoughts:
Stay away from ADA going long at this point until we have further confirmaitons;
Please give me a like or tick for this post
Regards,
S.Sari
Observations:
> Looking at the structure, it makes plenty of sense that we have likely hit the top on this impulse being point 5
> The indicators on the Daily show a bearish divergence and the chart below showing the downward pressure
> Target 1 equates to the height of the Triangle
> We have had an upward parallel channel with a upward wedge on the last section, indicating a squeeze at the top
> The 21/50 EMA acting as support for ADA's upward trend
The following chart below demonstrates , with a possible wedge to demonstrate the squeeze to the top before dropping to the 0.5 or 0.618 fib retracement level.
8 HRLY chart > Downward pressure on the indicator
My thoughts:
Stay away from ADA going long at this point until we have further confirmaitons;
Please give me a like or tick for this post
Regards,
S.Sari
Note
update: No change to the downward pressureNote
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