ADAUSDT → Cup with Handle before distribution

28. Nov. 2023

ADAUSDT is forming a breakout of the key pattern resistance, but we have not seen a corresponding reaction yet. The price is updating the 6-month high, but we did not wait for the distribution. Hopes are fueled by the formation of the "Cup with handle" pattern and the Golden Cross of MA200 & MA50



A reversal pattern "Cup with handle" is forming in relation to the limit resistance area at 0.3807. A false break of resistance forms a correction and consolidation near the key area, which peculiarly reminds us of the key pattern

Fundamentally, the cryptocurrency market is mainly waiting for results regarding ETF applications that the SEC is reluctant to review. Approval of applications for spot ETFs will greatly increase the inflow of funds and market capitalization

On the chart, the support at 0.3529 - 0.3500 is important for us. Within the framework of the forming pattern and correction, the price may test this area with a false breakout, which will begin to form a bullish potential, because according to statistics, the strongest movements occur after a false breakout.

Resistance levels: 0.3807, 0.3850
Support levels: 0.3529, 0.3490

I expect a support retest before distribution. A strong impulse can start after the breakout of the locational downside resistance of the pattern "Cup with handle"

TOTAL BTCUSD

Regards R. Linda!

8. Dez. 2023

Trade geschlossen: Ziel wurde erreicht