Today’s update will be on ADAUSD, testing a critical level as it comes close to its apex, a move is imminent.
Points to consider,
- Major weekly support being tested
- Local resistance to break
- Stochastics in lower regions
- EMA’s giving price resistance
ADAUSD has been in an establish bear trend with consecutive lower highs; it is testing a critical weekly that must hold as the lower high structure converges.
If weekly support holds true, ADAUSD will confirm a , which is a major reversal pattern. Local resistance will be the first target to break as this will put in a new higher high in the trend, confirming a trend change.
The stochastics is currently in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. is respecting its , must hold for a bias, a break will likely also mean a break in weekly support, which will be very .
is declining rapidly, signalling that a move is imminent as price comes closer to its apex. EMA’s itself is currently giving price resistance, a cross will help negate the .
Overall, in my opinion, this weekly support is probable to hold, ADAUSD is likely to break from its apex, and an entry would only be valid if ADAUSD breaks local resistance with a retest.
What are your thoughts?
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“If you can’t take a small loss, sooner or later you will take the mother of all losses.” – Ed Seykota
There’s a fair amount of risk here as with any mid cap Altcoin but Cardano ADA is definitely not one to sleep on.
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