Hello traders 🐺 .

in this idea I want to talk about the ADA which was in a bear trend 200 days , it’s almost near to a year ! and now the bear trend is about to end for the ADA.

1_pattern :

in the chart above you can see that the ADA is trading above the daily descending channel and also it’s break above the weekly resistance structure and now trying to retest the channel and the weekly structure as a new support .

2_EMA Ribbon :

you can see that the EMA Ribbon is now flipping bullish and this a bullish sign for the ADA bulls also ADA still hold above the EMA Ribbon and now trying to retest the EMA Ribbon lines as a support .

3_TSI & RSI :

TSI & RSI are bullish because as you see in the chart above , RSI is above the 50 and TSI is above the zero line and we haven’t any kind of divergence in the RSI .

4_price targets :

about the possible price target for the ADA , I think that first price target of the ADA is at 0.382 Fibonacci level , because first of all if we imagine that the price want to reverse from the current level , we could say that this is very similar to a AB=CD pattern ; also if we draw Fibonacci tools the first level of the resistance is in alignment with the AB=CD pattern price target .