Simply put, ADA has just landed nicely at its 50% Fibonacci retracement, which coincides the support level on 25/04. Formed a 'double bottom' pattern (which is the inverse of what was printed at the 0.00004000 level), held strong on the longer term trend line (as indicated in blue), showing some signs of a reversal on the MACD, and oversold on the RSI.
As a general rule of thumb, always look at different time intervals before deciding on the trade setup.
I would suggest plotting a 50EMA on the daily chart. If ADA falls below this level with a strong candle close i would consider this reversal failed.
*This is not financial advice and should not be interpreted as a such*
As a general rule of thumb, always look at different time intervals before deciding on the trade setup.
I would suggest plotting a 50EMA on the daily chart. If ADA falls below this level with a strong candle close i would consider this reversal failed.
*This is not financial advice and should not be interpreted as a such*