ADA.USDT (Y20.P3.E5).Looking for the next long

3 Ağu 2020

Hi All,

Observations:
> Looking at the structure, it makes plenty of sense that we have likely hit the top on this impulse being point 5
> The indicators on the Daily show a bearish divergence and the chart below showing the downward pressure
> Target 1 equates to the height of the Triangle
> We have had an upward parallel channel with a upward wedge on the last section, indicating a squeeze at the top
> The 21/50 EMA acting as support for ADA's upward trend

The following chart below demonstrates , with a possible wedge to demonstrate the squeeze to the top before dropping to the 0.5 or 0.618 fib retracement level.


8 HRLY chart > Downward pressure on the indicator


My thoughts:
Stay away from ADA going long at this point until we have further confirmaitons;



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Regards,
S.Sari

3 Ağu 2020

Not

update: No change to the downward pressure

4 Ağu 2020

Not