2018-12-9 08:19 |
ADA/USD Long-term Trend –Bearish
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA is in a bearish trend in its long-term outlook. Creating a higher high and higher low was a signal to the bulls’ control of the market as the market opened last week but this was short-lived with the loss in momentum for sustained upward movement and a gradual return of the bears.
The key demand area at $0.03300 was broken with a large engulfing candle on 6th December and ADAUSD dropped to $0.03019 and further down to $0.02723 in the demand areas the bearish momentum increased.
The bulls’ stage a brief returned as the cryptocurrency was up at $0.03488 in the supply area on 8th December. This was a pullback necessary for the market correction and also a retest of the broken key level. These confirm a downtrend continuation resumption as the new trading week commences.
Price lies below the two EMAs and the EMAs are fanned apart which connotes strength in the context of the trend and in this case the downtrend. The stochastic oscillator signal points down in the oversold region. This suggests downward price movement in the long-term as the bear becomes much stronger.
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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