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ADAUSD, Candlestick Analysis

9/8/2022 11:30 AM

ADA/USD, H4

The four-hour chart shows the formation of a Bullish Engulfing pattern, which included a reversal candlestick Hammer, as well as the appearance at the level of 0.4718 of the Three Advancing White Soldiers and Hammer patterns. The combination of these patterns signals that the asset has reached the bottom level, where buyers have become active. In the current situation, a scenario with the uptrend to the resistance level of 0.5831 seems likely, overcoming which will open the way for the "bulls" to the area of 0.7820–0.9362. An alternative scenario is likely in case the "bears" break through the key support level of 0.4159, and then the decline may intensify up to the level of 0.2098.


ADA/USD, D1

The daily chart shows that the asset has been consolidating for a long time in the range of 0.4159–0.5831, which may indicate a likely upward reversal. In addition, the fact that the asset has reached the area of low prices, where the "bulls" have activated, is also signaled by the formation of Hammer and Inverted Hammer reversal patterns, while another Bullish Engulfing reversal pattern has formed below the level of 0.4718, which included the Inverted Hammer candle. At the moment, the upward dynamics to the level of 0.5831 seems to be the most probable. In case of a breakout of the key resistance level, the asset may recover higher to the area of 0.7820–0.9362.


Support levels: 0.4159, 0.3031, 0.2098. | Resistance levels: 0.5831, 0.7820, 0.9362.



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