ADA created new lows and is now between support and resistance. We could see a bounce right from the median line to retest the previous support and confirm it's flip to resistance. We have a very small bullish divergence on the MACD but it could get invalidated very easy if we fall a little bit more. Except from the price's reaction to the median line there is no reason to consider buying here. The last line of defense could provide us a good buying opportunity if when the price gets there it's at the intersection with a median line and we also have bullish divergence on MACD and RSI.
Note
This is the reaction we want to see from our small buy zone. Use tight SL, there is no reason to let it fall.
Note
Bear pennant spotted. Wait for the breakout.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.