ADA - DESCENDING WEDGE
- There is a giant descending wedge pattern, which was triggered with a decent volume already.
- Now the price is squeezed between the resistance at 1.25 and daily SMA-100.
- You may want to wait for resistance breakout at 1.25 before buying.
- When you draw a Fibonacci Retracement from A to B, you will see the level 0.618 coincides with the wedge target. So, it is good idea to be cautious then.
Note
ADA broke it's support level at 1$ and next major support is at 0.76$. A good point for a reversal, if there is to be.
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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.