2019-1-2 19:19 |
ADA/USD Medium-term Trend: Bullish
Supply zones: $0.0600, $0.06600, $0.06800
Demand zones: $0.02000, $0.01500, $0.01000
ADA returns to a bullish trend in its medium-term outlook. The bullish pressure resume from 28th December after the exhaustion denoted by wicks at $0.03695 in the demand area.
ADAUSD rose to $0.04580 in the supply area on 29th December before retracement to $0.04102 in demand area on 1st January. This was the 61.8 fibs a trend reversal zone and the bulls gradually stage a return.
The 4-hour opening candle though a bearish spinning top could not return the bears as the bulls continue their upward journey. Price is above the two EMAs crossover at $0.04576 in the supply area.
The inverse head and shoulder pattern is seen formed in the medium-term with the right shoulder developing. $0.05000 in the supply area is the bulls target in the medium-term.
ADA/USD Short-term Trend: Bullish
The cryptocurrency is in a bullish trend in its short-term outlook. The cryptocurrency is uniquely represented by the Elliot wave in the short-term.
The bullish pressure from $0.04159 in the demand area i.e. wave two(2) on 1st January pushed ADAUSD to $0.04440 in the supply area which is wave three (3) before the current retracement to wave four(4).
Wave five (5) is the bulls target in the short-term as it journey up north continues.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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