So where do we go from here? Well, as you can see, the 20 (in blue) and the 50 (in orange) continue to fall just above the price action, so significant overhead resistance remains. That doesn't mean that we won't see a relief rally though. It is entirely possible that ADA/BTC could find support here, so I wouldn't personally be interested in shorting here, unless there was a continued breakdown below the current level. If that were the case, I would look to the 786 and then the 1687 level as the main target. Interestingly, the 1687 level ties in perfectly with 100% correction yield of the pattern. However, the appears to be trying to form a weak crossover, as Cardano consolidates on my downside target, so we may see a pause in selling.
Overall, ADA/BTC remains in a downtrend, forming lower highs and lower lows. There is currently no technical indication of a reversal. For that to emerge, the bulls would need to see Cardano rally above the 20 , the 50 , and particularly, the high from 2/25. That would put a higher high on the map, and could be indicative of a trend reversal. However, that doesn't currently exist, so the bias remains to the downside. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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For example, BTC dropped by 4.64% in the past 24 hours, while ADA has pooped down 9.44%.
Are we likely to see prices below 0.00001?
Kudos on calling out your Twitter follower and thanks for the great work!