2019-2-6 22:20 |
ADA/USD Medium-term Trend: Bearish
Supply zones: $0.0600, $0.06600, $0.06800
Demand zones: $0.02000, $0.01500, $0.01000
ADA is in a bearish trend in its medium-term outlook. The descending channel is the structure of the cryptocurrency as the journey down south continues. The large bearish engulfing candle at the opening of today’s session dropped ADAUSD to $0.03665 in the demand area.
Increased momentum further pushed price to $0.03633 before the cryptocurrency goes into a minor consolidation. This is necessary for the bears to gather enough momentum for the next downward movement.
The stochastic oscillator signal points down at 15% in the oversold region an indication of downward momentum. Price is below the two EMAs and the EMAs are fanned apart which suggest strength in the context of the trend and in this case the downtrend.
The lower line of the descending channel is the bears' target in the medium term as the pressure becomes stronger.
ADA/USD Short-term Trend: BearishThe cryptocurrency is in a bearish trend in its short-term outlook. The bears returned for continuation to the downside after the bullish exhaustion at the 50-fib area. ADAUSD dropped from $0.03744 in the supply area to $0.03636 in the demand area.
A minor pullback to the 38.2 fib area may occur as the bulls stage a comeback which is confirmed by the stochastic signal pointing up at 56%. This area is a trend continuation zone and the bears may at that point to resume the downtrend with a target at $0.03630 in the demand area.
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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