FieryTrading

🔥 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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Comments

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!
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Nice and clear
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Beautiful setup mate. Thank you!
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What is your target selection based on?
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potential area to keep close eye on thx
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Great analysis, thanks for sharing 😊
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Excellent breakdown, well done. 😉
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