I have been LONG ADA since $0.04 and have added to this trade several times over for rather BIG gains. The THICK Yellow Lines here show MAJOR TL Support and Resistance . Despite having broken below the lower support line price has tested and retested the TL Support without any real breaks lower to confirm a bearish trend (maintaining its slightly BULLISH bias. Crypto in general has been consolidating as has ADA. In the past BTC trended higher starting in July 2020 with ETH breaking higher later in August 2020 all while ADA consolidated. Then it started to move several weeks later. Is history repeating itself? This is the 1st time in a long while ADA has broken above 39 EMA and looks to want to break above MAJOR TL Support of the prior channel. EVERY time this has happened ADA reached the top TL Channel Resistance (TOP THICK Yellow Line) in short amount of time. Also notice how the 39 EMA has acted as support and resistance within this channel. So a break above also looks promising.
New BUY signal as we broke above recent candle high @ $2.04. Stronger BUY signal would be a break above THICK Yellow line around $2.21. Further, BUY Signal would be break above MAJOR Horizontal Resistance at $2.32. If those happen (which I expect they will) then expect $4.00 ADA by year end!!
I remain LONG!
Just my 0.02.
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