ADA is about to break out from the wedge, targeting to 2.8

9 Nov 2021

ADAUSDT
ADA is about to break out from the wedge, targeting to 2.8
1. Bulls are trying to break out the wedge generated from Sep 7, now it's the sixth time after five times failure; Meanwile, bears are still working on make it a fake out.
2. On Oct 27, price just tested 0.618 of Fibnacci retracement of the last swing(1.82) and close beyond it on the same day, which may trigger more "Fibnacci" traders to join the bulls at this area.
3. From Oct 27 to Nov 6, the price gets support from short term Vegas tunnel, say ema 144 and ema 169, which also encourage some "Vegas" traders to join the bulls.
4. If the break out succeeds, price may target to the wedge top around 2.80; Otherwise, bears may at least make a double bottom target to 1.82
5. As a conclusion, it's a confluence for different schools of bulls to join; Bears could only scalp in a short term to bet the continuation of wedge or downtrend channel.