ADA - 4hr chart update
ADA Quick Update:
ADA is still in the Bearish Zone of the Ichimoku Cloud for this 4hr timeframe.
ADA is still below its 50EMA. ADA needs to eventually close above this level.
ADA is still below its Bollinger Bands Middle Band Basis 20 Period SMA. ADA needs to eventually close above this level.
ADA is in a triangle pattern and is approaching the apex so we need to keep an eye on if the breakout is upwards or downwards and if the potential breakout is on increased volume or not.
At the moment of typing this, ADA is trying to get back over its Ichimoku Cloud Leading Span A (Senkou Span A) cloud resistance.
At the moment of typing this, ADA is above its Volume Profile Visible Range VPVR Point of Control (POC) for this charts visible range.
Volume is still relatively low and you can see that the Volume Bar is below its Volume 20 period Moving Average.
The Moving Average Convergence Divergence (MACD) is indicating momentum is sideways, note that the MACD Line (Blue Line) is back above its Signal Line (Orange Line). Note that we have green histograms formed. We need the MACD Line to cross back over 0.0 for real bullish momentum for this 4hr timeframe.
The Chaikin Money Flow (CMF) is indicating that we need to be a bit weary because ADA has dropped into the Distribution Zone for this 4hr timeframe. Note that the CMF (Green Line) is at -0.01 and below its Least Squares Moving Average (LSMA) which is at 0.05. Note that this is a 4hr timeframe so this can easily change to accumulation very quickly which will happen if ADA closes above the Leading Span A (Senkou Span A) cloud resistance which would take ADA back into the Ichimoku Cloud Equilibrium Zone for this 4hr timeframe.
ADA has proven to be one of the strongest cryptos during this downtrend, but obviously we still have to keep an eye on what BTC is doing as sadly, alts still follow BTC's direction.
I hope this quick update is helpful with your trading and hodl-ing.
ADA is still in the Bearish Zone of the Ichimoku Cloud for this 4hr timeframe.
ADA is still below its 50EMA. ADA needs to eventually close above this level.
ADA is still below its Bollinger Bands Middle Band Basis 20 Period SMA. ADA needs to eventually close above this level.
ADA is in a triangle pattern and is approaching the apex so we need to keep an eye on if the breakout is upwards or downwards and if the potential breakout is on increased volume or not.
At the moment of typing this, ADA is trying to get back over its Ichimoku Cloud Leading Span A (Senkou Span A) cloud resistance.
At the moment of typing this, ADA is above its Volume Profile Visible Range VPVR Point of Control (POC) for this charts visible range.
Volume is still relatively low and you can see that the Volume Bar is below its Volume 20 period Moving Average.
The Moving Average Convergence Divergence (MACD) is indicating momentum is sideways, note that the MACD Line (Blue Line) is back above its Signal Line (Orange Line). Note that we have green histograms formed. We need the MACD Line to cross back over 0.0 for real bullish momentum for this 4hr timeframe.
The Chaikin Money Flow (CMF) is indicating that we need to be a bit weary because ADA has dropped into the Distribution Zone for this 4hr timeframe. Note that the CMF (Green Line) is at -0.01 and below its Least Squares Moving Average (LSMA) which is at 0.05. Note that this is a 4hr timeframe so this can easily change to accumulation very quickly which will happen if ADA closes above the Leading Span A (Senkou Span A) cloud resistance which would take ADA back into the Ichimoku Cloud Equilibrium Zone for this 4hr timeframe.
ADA has proven to be one of the strongest cryptos during this downtrend, but obviously we still have to keep an eye on what BTC is doing as sadly, alts still follow BTC's direction.
I hope this quick update is helpful with your trading and hodl-ing.
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