2019-2-17 15:55 |
ADA/USD Long-term Trend –Ranging
Supply zone: $0.0600, $0.0800, $0.1000
Demand zone: $0.0100, $0.0080, $0.0060
ADA remains in a range-bound market in its long-term outlook. The bullish momentum was lost after rejection at $0.04399 in the supply area on 10th February against upward price movement. Moreover, subsequent formation of the bearish railroad after the close of the market on 11th February suggest the bears returned.
The bears sustained momentum as the cryptocurrency made a low at $0.04055 in the demand area on 14th February.
Price is within the two EMAs the stochastic oscillator signal pointing at down 68%. These suggest a downward price movement in the days ahead within the range.
ADAUSD is consolidation and trading between $0.05200 in the upper supply area and at $0.03800 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries. Hence patience is needed to allow this occurred before taking any back position.
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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