AdEx - Breakout or Breakdown?
AdEx has a collapsing trading range, and volatility is decreasing. Although we are still open to some generous swing trades, we have to look at the big picture with regards where to put our wallets. A weekly chart follows with my notes on ADX, followed by a closer zoom on the daily with regards to the next week.
It will be interesting to see which directon AdEx moves. This coin has received a lot of publicity, and I remember hearing it being heralded as the next big thing (what isn't these days) back in the fall of 2017). Their use case is in connecting advertisers directly with consumers, without the need for a middleman like facebook or google. This is a fine use case, this is a 87 billion market, advertising and online marketing. Two titans barring the gates from innovation is not a good thing for a competitive thriving market, and honestly: YouTube sucks at delivering ads. Their algorithms are garbage. How many times am I watching YouTube and I get completely random, off the wall ads that make me want to punch a hole in my laptop. Unnecessary. Facebook is even worse. They have their advertising niche completely messed up, not efficient, archaic, Jurassic.
I will say as a project I prefer BAT much better then AdEx, there are other tokens that want to innovate in delivering ads. But BAT already has a browser, a working product, better devs...We'll see, AdEx might be able to pull it off, but that will depend greatly on what happens on the chart. A breakout or a breakdown, the fate of a crypto start-up might depend upon it.
In other words, I think a short would be appropriate here as soon as we see either
a) a reversal candle
b) a red candle to trade below the low of the previous candle
My target will be the intersection of the downward trend line of the lows on the daily chart with my eye-balled potential movement channel for the weekly long-term, give or take 5%.
Your stop loss would be a trade above the upper resistance trend line.
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It did make a nice breakout --> cool. Retracing downwards now. I expect some more movements up today, but need to keep an eye on the uptrend.
Thanks for your comment! Yeah, it has been interesting to watch.
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