This is a continuation from the previous post, listed below.
If you follow me, I use the bump and run strategy to explain many of my charts and hence approach, to help find targets and reversals. This is another inverted BARR chart with 0.075 and 0.10 as the main targets.
Observations: ============================================ > Has broken a strong (sloping) resistance line, but we are waiting for the 4 HRLY candle to close > Downward pressure on the 4 HRLY Phoeix indicator (bearish div) > RSI above 85% on the 4 HRLY > Weekly poster is bullish with MACD crossing over signal > BTC dominance is dropping, ALT season is still going
Thoughts: ============================================= > ADA has one impressive bullish posture > Over 20% gain, one would expect some small consolidation\pullback (ranging from before the next leg up in sync with BTC > Waiting for another leg up and hence trying to time my entrance based on current support, reversal signal (1 hrly or 2) with a bullish candle and formation fyi, took 60% of the table. > For now, I see the 1 to 4 hrly losing momentum, not meaning a drop, but sideways movement.
Please give me a like or tick for this post
Regards, S.Sari
Weekly chart > Note, 50 EMA held support and approaching 100 EMA as resistance. Phoeix has upward pressure as well. 1st Target 0.075 and 2nd Target $0.10
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0.72 hit, now the question is will it continue or drop back. June 30th is the ADA hardfork date. I'm going to watch this space on the 6 hrly and 3 hrly to determine if there is a signal to sell. Its not here yet based on these (which I will be testing)
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Mind you, the target was 0.072 to 0.075, for this round. However, BTC will determine it. If BTC should pull back a bit, then ADA will do as well. 9550 for BTC is a hard resistance.
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Adjusted my chart and target for medium macro level.
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My thoughts for ADA now
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Have updated my macro chart with the new information and adjusted my fib levels.
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Potentially
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Next update: We are just seeing a pullback that has turned out to be for what looks now a continuation pattern to the upside.