ADA updated structure and possible scenario (4h)
2024-12-12
Category: None

as stated in the update to the last ada idea,  BINANCE:ADAUSDT  lost it's trendline support which invalidates the trendline as a support and possibly could flip as some resistance.

it fell bellow the VAH, almost touched the lower trendline (since 2018), with a little wiggle room, and pushed back up towards the 161.8 extension (higher time frame) at currently 1.15.

currently it resides in one of a higher volume zone in which it needs to push through towards the last resistance from which it bounced off of (the 161.8 fib extension (short)) at around 1.33.

drawn in (dotted arrow) shows my idea of the next scenario . ADA could push higher through the volume zone but find resistance at the previous 4h trendline  but finds support at the 161.8 fib extension higher timeframe before aiming higher towards 1.50 and beyond. 

ofc everything is changing daily but that's what I currently see. if it fails to push through the volume zone it could bounce from the trendline once more and consolidate a little before pushing up - maybe even forming a bull flag (ll + lh) until it hits the trendline. 

