Great trend reversal for ADA, daily bullish engulfing, inverted head & shoulders, etc. I believe others already posted this, so I will only mention it, not going into details. With the tendency BTC is bullish and will go UP, ADA usually follows.
Please, refer to the chart for the important levels.
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ADA is trying to make the right shoulder of an inverse head & shoulders. Let's see how this will play out.
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In the previous run, I was looking for a cup & handle. We failed to make the formation. Now we may try again.
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By the way, I posted here too small right shoulder, actually I've drawn this more adequate version too.
Here is the progress:
I will update once (if) we reach the neckline.
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Okay, I stopped looking at the inverse head & shoulder until we get to the neckline.
The correction continues to the next fib level. Also we are at the bottom of the BBand. Being there doesn't mean it is a buy signal, but rather it is possible to bounce.
I really except a bounce to one of the red boxes, if we are rejected at one of them, we can see further correction to 0.786 fib (around 2550 sat, where is the first green box). My thoughts are backed up by a hidden bullish divergence in the MACD 4h.
Also, there is one downtrend line in blue, which seems to block us so far.
Small time frames looks pretty bearish. Since ADA follows BTC, it is very hard to predict at 100% the general move.
Volume continues to fall, which leads me to think we will have a sharp move sooner than later (same with BTC). Will be looking to catch its direction.
By the way, I am charting at the same time ADAM18 on bitmex and ADABTC on binance. There is a 50 sat difference, but overall they follow the same path.
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Another formation to look after - falling wedge in blue