ADA: Descending Triangle Breakout
Trade setup: Trends are mixed but long-term still appears in an Uptrend with Higher Highs and Higher Lows. Bullish breakout from a Descending Triangle pattern could see price swing up to $0.65-$0.68 near term and possibly $0.80 thereafter. Stop Loss (SL) level at $0.55.
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.57, then $0.46. The nearest Resistance Zone is $0.65 - $0.68, then $0.80.
Pattern: Price is trading in a Descending Triangle pattern. Typically, a breakout will occur in the direction of the existing trend.
Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.
Momentum is Mixed as MACD Line is below MACD Signal Line (Bearish) but RSI ~ 50 (Neutral). MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.
Support and Resistance: Nearest Support Zone is $0.57, then $0.46. The nearest Resistance Zone is $0.65 - $0.68, then $0.80.
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