ADA/M20 Has been doing very well the last week and might very well continue, but some signs point to a short term retraction.
On the 4H Chart it seems to have formed a small double top and the Tenkan ( yellow line ) broke the Kijun ( Dark Bleu line ) down which points to a short term bearish movement ( right red circle ).
The lagging Span ( purple line ) also gave some confirmation by breaking through the previous prices ( left red circle ).
The cloud is thick though which points to strong support and so we need confirmation by breaking the horizontal 1 Kijun with the lagging span and then we could see it test the bottom of the cloud SSB ( red line ) at the horizontal 2 which is a nice move on a leveraged trade.
This is not financial advice, manage your risk, and trade carefully!
For a 6 month 10% Discount in fees on BITMEX you can use the link below:
www.bitmex.com/register/oi7blw
On the 4H Chart it seems to have formed a small double top and the Tenkan ( yellow line ) broke the Kijun ( Dark Bleu line ) down which points to a short term bearish movement ( right red circle ).
The lagging Span ( purple line ) also gave some confirmation by breaking through the previous prices ( left red circle ).
The cloud is thick though which points to strong support and so we need confirmation by breaking the horizontal 1 Kijun with the lagging span and then we could see it test the bottom of the cloud SSB ( red line ) at the horizontal 2 which is a nice move on a leveraged trade.
This is not financial advice, manage your risk, and trade carefully!
For a 6 month 10% Discount in fees on BITMEX you can use the link below:
www.bitmex.com/register/oi7blw
