2018-10-24 10:29 |
ADA/USD Medium-term Trend: Ranging
Supply zones: $0.08600, $0.08800, $0.09000
Demand zones: $0.07000, $0.06800, $0.06600
ADA remains in a range-bound market in its medium-term outlook. Rejection of upward price movement at $0.07939 on 21st October led to bears takeover and downward price movement. ADAUSD was initially down to $0.07612 in the demand area on 22nd October and later to $0.07327 on 23rd October due to increased bearish momentum.
Exhaustion is seen as the candles close with lower wicks which implies the gradual return of the bulls. ADAUSD was up at $0.07623 in the supply area before the end of yesterday session. The 4-hour opening candle at $0.07584 was a bullish doji and price was up at $0.07744 earlier today due to the strong bullish pressure within the range
Price is above the 10-EMA and the stochastic oscillator is at 54% with its signal pointing up. These imply upward price movement of the currency within the range in the medium-term.
ADA is in consolidation and trading between $0.08000 in the upper supply area and at $0.07200 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower demand area before taking a position.
ADA/USD Short-term Trend: BullishThe cryptocurrency is in consolidation in its short-term outlook. The bulls are back in the range after a progressive upward movement that broke the 10-EMA at $0.07515 with an engulfing candle.
Increased bullish momentum broke the 50-EMA at $0.07591 with ADAUSD up at $0.07736 in the supply area earlier today.
The stochastic oscillator is in the overbought region at 85%. Its signal undefined a reflection of the ranging scenario.
ADA is in consolidation and trading between $0.07800 in the upper supply area and at $0.07289 in the lower demand area of the range. A breakout at the upper supply area may suggest going long while breakdown at the lower demand area may imply shorting the cryptocurrency. This should with good reversal candles as extra confirmation.
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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