ADA/BTC - Have we turned the corner?

ADA, like most alts, have been getting obliterated against BTC. ADA might have found itself a place to breath from all the selling and maybe start a nice rally:

We've been inside this descending channel forever it seems and we've been stuck inside it with no escape route. Continuous bearish patterns after bearish patterns and volume that just makes you laugh because no one is playing with this at the moment.

Well, we may have some hope. A lot of buyers came in at these levels as shown with some pretty good volume. Our 20 and 50 MA's are curling up which could hold this baby up for a while. We did get rejected at the 200MA which is ok because we're starting to get over bought and we need to reset some indicators if we're going to push through that. That area also lies just below the top of the descending channel which is a MUST BREAK area to have any faith we're going to continue a rally. Not only do we need the indicators to cool off but we need big volume. A lot more than what were showing now with candle closes above it and then we can talk about major moves to the upside.

For now I would just wait it out. Besides this one day move, ADA has given us no reason to be bullish yet. This is only a fraction of the price action the past few months and this must be taken with a grain of salt. I will say if we start breaking out of this channel then you can start opening some long positions.

Got to be happy it's been suddenly coming to life though. Lets just hope we continue to see the buyers pour in.

Good luck!