I've recently started to move away from trading BTC with it trading in range for the last two weeks or so. I've had a lot more success with the volatile altcoins. With that in mind, I am expecting some short-mid term bearish price movement on a few alts, specifically ADA.
On the 30 minute chart we can see the 200 WMA and 20 MA converging towards each other for a bearish crossing. The price has been setting lower highs and and lower lows. I expect the 200 WMA to act as support for a little while longer, but based on the recent price action, it may slip under and run away for a bit.
I've placed a diagonal downtrend line to determine where the price could go. If the price breaks well above this line in the next 2 - 3 hours we may see a trend reversal, but until then shorts are the way to go.
If the price does start to dump I think we have room to fall until just above 11.2k sats. I'm getting this number from the 1h chart where the 200 WMA is hovering around 11.2k sats.
@IssacEberhart, Admittedly the early breakout surprised me, but the price ended up dropping and bouncing at 11k sats anyways, it just took a path I wasn't expecting. That's a win in my book. I'm expecting the price to bounce between 11.5k sats and 11.3k sats. 20 MA and WMA are converging again which could result in a breakout. I'm not sure which direction yet.