ðĨ ADA Inverse Head & Shoulders: Retest Into Bullish Move?
Over the last half year or so, ADA has been following an inverse head & shoulders pattern. Classically, inverse H&S patterns occur at the end of bearish trends.
As of a couple days ago, ADA has broken out of said H&S pattern. However, with BTC trading bearish today, ADA has gone for a retest of the neckline.
Theoretically, we can reverse from here and burst upwards. However, without BTC going up ADA will go nowhere.
If BTC flips bullish/neutral, ADA might see a big bounce from today onwards, else we're just going down like the rest of the markets. A daily candle close below the neckline would be an invalidation of this pattern.
In case we reverse, targets in blue.
As of a couple days ago, ADA has broken out of said H&S pattern. However, with BTC trading bearish today, ADA has gone for a retest of the neckline.
Theoretically, we can reverse from here and burst upwards. However, without BTC going up ADA will go nowhere.
If BTC flips bullish/neutral, ADA might see a big bounce from today onwards, else we're just going down like the rest of the markets. A daily candle close below the neckline would be an invalidation of this pattern.
In case we reverse, targets in blue.
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