🔥 ADA Short Term Outlook

BINANCE:ADAUSDT   Cardano / TetherUS
Around a week ago I made an analysis on ADA. My short term view was that we would decline towards the red area of support and see a swift recovery after that.

Current main point of interest is the blue resistance line. If this line can be broken in the coming days we might see a push upward with a mid-term target of around 1,50.

Assuming that BTC's current pump is nothing more than a fake-out after last week's conference, we can expect a bearish move towards 1.10 - 1.00 next week. In case of a bearish move I will not be looking for a buying opportunity for this coin. First I want to see how this bearish triangle will play out before entering the market. There's no guarantee that we will not go lower than $1.

Happy trading!
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hi. thanks a lot for your analysis. do you think that current BTC pump is a fakeout? i've been following your ideas for two weeks now and all of your analysis turned out right.
+1 Reply
@moeinpd, We're technically still in a downtrend. BTC will need to close above 34.6 on the daily before I start thinking bullish again. Glad you enjoy my content🔥
+1 Reply
Absolutely nailed it. Bravo!
Nice and clear
Beautiful setup mate. Thank you!
What is your target selection based on?
potential area to keep close eye on thx
Great analysis, thanks for sharing 😊
Excellent breakdown, well done. 😉