Top 5 cryptocurrencies to watch this week: BTC, ADA, XMR, ATOM, VET

The price action of the past few days is showing a possible inverse head and shoulders pattern formation that will complete on a breakout and close (UTC time) above the neckline. Contrary to this assumption, if the ADA/USD pair turns down from the current level or the neckline and drops below the 200-day SMA, it will invalidate the pattern.

Although the price broke above the channel, the bulls could not sustain the higher levels and the pair dropped to the support line of the channel. The bulls have been defending the $0.01094 support for the past few days but they have failed to sustain the higher levels, which suggests that bears are selling on rallies.

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