ADA just put in and retested the trendline of a Bump & Run Reversal Bottom Pattern.
thepatternsite.com/barrb.html
This is the best performing chart pattern one can find, according to the Encyclopedia of chart patterns by Thomas Bulkowski.
Per the Encyclopedia of Chart Patterns: Price tends to rise 17% - 24%, with a breakeven failure rate of just 9% when this pattern forms.
A rise in this range would conveniently test another developing larger Bump & Run Reversal Bottom on the ADA chart. (Orange Line)
I have two TP levels at $1.72 & $1.80.
If price breaks through the orange line and retests, it could go much higher.
I have a feeling the orange trendline may serve as resistance though, as ADA would be pretty overextended at that level.
Regardless I will take profit at my two levels and wait for confirmation of the larger pattern.
thepatternsite.com/barrb.html
This is the best performing chart pattern one can find, according to the Encyclopedia of chart patterns by Thomas Bulkowski.
Per the Encyclopedia of Chart Patterns: Price tends to rise 17% - 24%, with a breakeven failure rate of just 9% when this pattern forms.
A rise in this range would conveniently test another developing larger Bump & Run Reversal Bottom on the ADA chart. (Orange Line)
I have two TP levels at $1.72 & $1.80.
If price breaks through the orange line and retests, it could go much higher.
I have a feeling the orange trendline may serve as resistance though, as ADA would be pretty overextended at that level.
Regardless I will take profit at my two levels and wait for confirmation of the larger pattern.