Hello Traders,
Lets take a look at ADABTC here. We know that the market has been so annoying lately when it comes to most of the Alts, but get one thing very clear, this is just a temporary consolidation that we are seeing. Coins will start moving up very soon.
ADABTC, as you can see in the chart above is in a falling wedge on a daily chart. This is a mid-long term trade we are eyeing.
RSI is currently 35.6909 which is in the oversold zone, so this is a sign that the price my start reversing shortly. This doesn't mean that the price cannot go further down.
Although MACD is going down, and doesn't look like it will cross the signal line to the upwards, ADA is on a good support right now, and MACD will possibly turn pretty soon to cross the signal line.
I have drawn some resistance lines in blue that can be considered as targets in the future term. Also, I have red support lines in case ADA goes down, which is very less likely. It is most likely to contain inside the falling wedge if it decides to go down. It is currently near the upper resistance of the wedge so watch out for a possible breakout.
Keep an eye out for this. I will keep updating this trade as and when needed. Trade safe in this market. If you have any questions you can post it in the comments below, or join our community website forums to participate in discussions, or telegram channels below. Looking forward to see everyone there.
Happy Trading!
Lets take a look at ADABTC here. We know that the market has been so annoying lately when it comes to most of the Alts, but get one thing very clear, this is just a temporary consolidation that we are seeing. Coins will start moving up very soon.
ADABTC, as you can see in the chart above is in a falling wedge on a daily chart. This is a mid-long term trade we are eyeing.
RSI is currently 35.6909 which is in the oversold zone, so this is a sign that the price my start reversing shortly. This doesn't mean that the price cannot go further down.
Although MACD is going down, and doesn't look like it will cross the signal line to the upwards, ADA is on a good support right now, and MACD will possibly turn pretty soon to cross the signal line.
I have drawn some resistance lines in blue that can be considered as targets in the future term. Also, I have red support lines in case ADA goes down, which is very less likely. It is most likely to contain inside the falling wedge if it decides to go down. It is currently near the upper resistance of the wedge so watch out for a possible breakout.
Keep an eye out for this. I will keep updating this trade as and when needed. Trade safe in this market. If you have any questions you can post it in the comments below, or join our community website forums to participate in discussions, or telegram channels below. Looking forward to see everyone there.
Happy Trading!
Comment:
As we can see from the chart above, ADABTC failed to breakout from the falling wedge pattern. Looks like it might go for one more wave before going back up. Keep a close eye on this one. I will soon be updating the new chart.