ADA/USDT 2H
ADA/USDT is working through a possible HTF trend reversal following long-term consolidation within a descending channel. Price initially bounced off of a HTF support level within the channel (Daily 0.786 fib level) before forming a possible Inv. Head and Shoulders pattern and breaking out of the descending channel. Price is currently challenging overhead resistance, and a close above is necessary to provide validation for bullish sentiment. If a close above is achieved, we are looking for previous resistance at the neckline of the Inv. H&S to now hold as support to continue an upward move. A possible long opportunity would be provided on a support bounce if a successful S/R flip is achieved.
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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.