ADA/USD Bearish Analysis
I've recently started to move away from trading BTC with it trading in range for the last two weeks or so. I've had a lot more success with the volatile altcoins. With that in mind, I am expecting some short-mid term bearish price movement on a few alts, specifically ADA.
On the 30 minute chart we can see the 200 WMA and 20 MA converging towards each other for a bearish crossing. The price has been setting lower highs and and lower lows. I expect the 200 WMA to act as support for a little while longer, but based on the recent price action, it may slip under and run away for a bit.
I've placed a diagonal downtrend line to determine where the price could go. If the price breaks well above this line in the next 2 - 3 hours we may see a trend reversal, but until then shorts are the way to go.
If the price does start to dump I think we have room to fall until just above 11.2k sats. I'm getting this number from the 1h chart where the 200 WMA is hovering around 11.2k sats.
On the 30 minute chart we can see the 200 WMA and 20 MA converging towards each other for a bearish crossing. The price has been setting lower highs and and lower lows. I expect the 200 WMA to act as support for a little while longer, but based on the recent price action, it may slip under and run away for a bit.
I've placed a diagonal downtrend line to determine where the price could go. If the price breaks well above this line in the next 2 - 3 hours we may see a trend reversal, but until then shorts are the way to go.
If the price does start to dump I think we have room to fall until just above 11.2k sats. I'm getting this number from the 1h chart where the 200 WMA is hovering around 11.2k sats.
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