ADA finding resistance at a previous support zone around 904-915
ADA/BTC is currently finding resistance at a previous support zone around 904-915. We saw this 904-915 area act as a support back on November 24th and 25th, and we actual rallied up to the 1010 level after touching this 904-915 area. However, when Bitcoin broke down below 3500, we saw ADA break below the support zone around 904-915, and come all the way down to about 830 before finding some buy support and moving back up. The move we had from 830 to 915 or so seemed more like a dead cat bounce then an actual rally. Either way, we found resistance at old support, which is bearish, and could signal more sell-side momentum to come. ADA has historical support around 550-700, so that is an area of interest I'm keeping tabs on. As I've said in other posts, Bitcoin is dictating the pace for alt coins; so if BTC wants to continue to the downside, then majority of alt coins will continue to the downside as well.
What to watch for:
1.) Sustained break above the 904-915 resistance area, and retest of that 904-915 level as support.
2.) Sustained break below the bottom at 830 that was formed a short while ago, which could lead us to that 550-700 level I mentioned earlier.
3.) For the 550-700 area to hold as support again if we get down to those levels.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
If my post was helpful, and you'd like to support me, here are my donation addresses:
BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH
ETH: 0x61DF878e5436530122f1A303e095dBd344502228
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
Many thanks! :)
What to watch for:
1.) Sustained break above the 904-915 resistance area, and retest of that 904-915 level as support.
2.) Sustained break below the bottom at 830 that was formed a short while ago, which could lead us to that 550-700 level I mentioned earlier.
3.) For the 550-700 area to hold as support again if we get down to those levels.
--This is not financial advice. Always do your own research and come to your own conclusions before buying/investing, as investing in cryptocurrencies comes with high risk and high amounts of volatility.
If my post was helpful, and you'd like to support me, here are my donation addresses:
BTC: 3JA2z6FkxDhEHo5ncMEHHGLx78dzzwC1KH
ETH: 0x61DF878e5436530122f1A303e095dBd344502228
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
Many thanks! :)
Comment:
Historical support zones I am referencing for ADA/BTC:
