$ADAUSD - Descending channel, triangle and Lagarde
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Hi guys! 👋🏻
🔔 Cardano is one of the coins to watch as there are signs of a bullish continuation. As seen on a 4H chart ADA/USD has established a descending channel and is proceeding within its support and resistance levels. As seen on the chart the current setup, support from EMA50 and MACD demonstrate a bullish run up to a resistance near $0.322270.
🔔 However to do so, Cardano has to overtake another short-term dynamic resistance.
🔔 The bet on an uptrend could be higher as Cardano cleared off the upper edge of a triangle on the same chart.
🔔 The alternative to the uptrend scenario is, if Cardano does not close above the dynamic resistance, it will drop to test $0.261400 support which is a Fibo 0.618 level of the last impulse and to $0.244000 below that.
🔔 The week is full of economic data announcements, so get prepared for a roller-coaster.
The CPI and Core CPI data didn't effect the market much, waiting for the FED members speech.
Tomorrow, January 14 - Initial Jobless Claims and FED Chairman Mr. Powell speech.
Friday, January 14 - Core Retail Sales, Retail Sales and PPI.
🔔 Almost all of the forecasts for each economic data announcement signal the recovery of the US Dollar, although the unrest in the market due to the Impeachment and possible riots remain.
BONUS: ECB President - Christine Lagarde said today that the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed. Not very optimistic.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
🔔 Cardano is one of the coins to watch as there are signs of a bullish continuation. As seen on a 4H chart ADA/USD has established a descending channel and is proceeding within its support and resistance levels. As seen on the chart the current setup, support from EMA50 and MACD demonstrate a bullish run up to a resistance near $0.322270.
🔔 However to do so, Cardano has to overtake another short-term dynamic resistance.
🔔 The bet on an uptrend could be higher as Cardano cleared off the upper edge of a triangle on the same chart.
🔔 The alternative to the uptrend scenario is, if Cardano does not close above the dynamic resistance, it will drop to test $0.261400 support which is a Fibo 0.618 level of the last impulse and to $0.244000 below that.
🔔 The week is full of economic data announcements, so get prepared for a roller-coaster.
The CPI and Core CPI data didn't effect the market much, waiting for the FED members speech.
Tomorrow, January 14 - Initial Jobless Claims and FED Chairman Mr. Powell speech.
Friday, January 14 - Core Retail Sales, Retail Sales and PPI.
🔔 Almost all of the forecasts for each economic data announcement signal the recovery of the US Dollar, although the unrest in the market due to the Impeachment and possible riots remain.
BONUS: ECB President - Christine Lagarde said today that the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed. Not very optimistic.
✊🏻 Good luck with your trades! ✊🏻
If you like the idea hit the 👍🏻 button, follow me for more ideas.
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