Supply zones: $0.08600, $0.08800, $0.09000
Demand zones: $0.07000, $0.06800, $0.06600

ADA is in a bullish trend in its medium-term outlook. The bullish takeover of the market that started on 4th November after the bullish candle at $0.07205 has been consistent with upward price movement. New higher highs and higher lows were been formed each day. $0.08185 in the supply area was the high of yesterday while $0.07649 in the demand area was the low of the day.

Today’s 4-hour opening candle $0.08169 was a bearish spinning top a trend reversal signal that briefly pushed BCHUSD to $0.08295 in the supply area after opening before dropping the cryptocurrency to $0.07923 in the demand area.

A unique teacup formation is seen with the neckline at $0.08084.The cup handle must be formed and that is presumably the current bears' pressure been witnessed. The bears' pressure is a pullback that may not get to $0.07800 in the demand area before weakening and the bulls will gradually return that will take ADAUSD to a new high of the day.

Price is sitting on the 10-EMA and the stochastic oscillator is in the overbought region at 81% with its signal pointing down which suggest the brief downward momentum expected to form the cup handle before the bulls return.

The cryptocurrency is in a bullish trend in its short-term outlook. $0.08152 was the high of yesterday as the bull continue the progressive journey up north before the close of the day. The bullish 1-hour opening candle sustains the momentum as $0.08295 in the supply area was tested by the cryptocurrency after opening before the loss in momentum.

The bears' return was confirmed by the candle that broke the 10-EMA and pushed ADAUSD further down to $0.07910 in the demand area.

Price is below the 10-EMA and within the 38.2 fib level, a trend continuation zone. Should the bears increased their momentum as indicated by the stochastic oscillator at 39% and it signal points down, this may be within the 38.2 or at the 50.0 fib level which will be a good area for the strong bulls return and continue the journey to retest $0.08400 in the supply area in the short-term.

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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