ADA is getting very very close to decision time. Pushing down into a corner made up by a daily down trend and a strong daily support which has been previously respected. The last time ADA found this support level it spiked nearly 15% in 1 4 hour candle. If it finds support again here at around 2000 sats, we may see another strong bullish move.
If the support does not hold up against the bears then we can expect ADA to continue following the daily downtrend to find the next level of support.
Entry off support here is an option but I would be running a very tight stop loss to minimize loss in the event of a break down. The safer option is to wait for a confirmation that this level of support will hold, then the next would be a break out from the daily downtrend.
Watching closely over the next few candles.
If the support does not hold up against the bears then we can expect ADA to continue following the daily downtrend to find the next level of support.
Entry off support here is an option but I would be running a very tight stop loss to minimize loss in the event of a break down. The safer option is to wait for a confirmation that this level of support will hold, then the next would be a break out from the daily downtrend.
Watching closely over the next few candles.
Comment:
BTC is making trades get rekt currently so i am no longer looking at entering any altcoins untill it chooses a direction.