ADA: Approaching Resistance
Trade setup: Price is in an Uptrend. Following a bullish breakout from a Channel Down pattern, price has reached our target of $0.65 for a 17% gain. Now we wait for price to either
1) break above $0.68 resistance to signal continuation of uptrend, or
2) pull back near $46 support for another swing entry in Uptrend with upside potential back to $0.65. Now we wait for a potential pullback to $0.46 support for another swing trade entry in Uptrend.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.46 (previous resistance), then $0.40 - $0.42. The nearest Resistance Zone is $0.65 - $0.68, then $0.75.
1) break above $0.68 resistance to signal continuation of uptrend, or
2) pull back near $46 support for another swing entry in Uptrend with upside potential back to $0.65. Now we wait for a potential pullback to $0.46 support for another swing trade entry in Uptrend.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish (MACD Line is above MACD Signal Line and RSI is above 55).
Support and Resistance: Nearest Support Zone is $0.46 (previous resistance), then $0.40 - $0.42. The nearest Resistance Zone is $0.65 - $0.68, then $0.75.
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