ADA Update and possible trendlines (4h)
2024-12-08

ADA performed as of now as expected and touched the 161.8 fib extension of the uptrend + touched the trendline and respected it several times. 

Given the CCI I don't necessarily see a downtrend shortterm but we might prepare for a possible , short lived, dump to the 161.8 fib extension of the high time frame view, before regaining momentum. I've drawn in two possible scenarios that, in my eyes, could play out - altho I favor the continuous uptrend. 

after the touch of 161.8 extension,  BINANCE:ADAUSDT  consollidated for a bit bellow it until it touched the trendline again. now it's slightly above the trendline and bellow 161.8. to me that indicates the 5th "wave" (not refering to elliot wave here) of the consollidation and breakout movement we saw previously 4 times in a row. so basically, if the momentum still gives, we can see another break upwards and above the 161.8 in the next days. 

if it falls bellow, the next poi would be the VAH since the upmove. I've adjusted it to the current volumes so it's a little bellow the current price. I'd see this one hold and form support, IF ADA breaks the trendline. but time will tell. 