Hello friends!
Yesterday BTC and the broader market crashed, sending prices down double digits across the board. I will leave discussion of why that happened to others, as it is beyond ADA's technicals.
ADA dropped l8% on the day, erasing the upward momentum that ADA was forming. Compared to many assets that fell 20-25% or more, ADA fared relatively better, and on par with Ethereum, which is a positive sign for the asset's market strength.
Indicators are suggesting that prices will continue to fall towards 1.00 in the next 48 hours. This is not a guarantee that prices will hit 1.00, but momentum puts the region around it in play. Also, prices could temporarily wick below 1.00 to around the 0.95 region before a reversal. Currently, a deeper decline does not look likely across the next 8 days of timeframes. Thus, a bottom is probable in the next 48-72 hours.
Prices at or below 1.10 at attractive. Consider spreading your orders across 5-10 prices, as this is a buying zone (aka, range of prices)
Good luck and good fortune!
Yesterday BTC and the broader market crashed, sending prices down double digits across the board. I will leave discussion of why that happened to others, as it is beyond ADA's technicals.
ADA dropped l8% on the day, erasing the upward momentum that ADA was forming. Compared to many assets that fell 20-25% or more, ADA fared relatively better, and on par with Ethereum, which is a positive sign for the asset's market strength.
Indicators are suggesting that prices will continue to fall towards 1.00 in the next 48 hours. This is not a guarantee that prices will hit 1.00, but momentum puts the region around it in play. Also, prices could temporarily wick below 1.00 to around the 0.95 region before a reversal. Currently, a deeper decline does not look likely across the next 8 days of timeframes. Thus, a bottom is probable in the next 48-72 hours.
Prices at or below 1.10 at attractive. Consider spreading your orders across 5-10 prices, as this is a buying zone (aka, range of prices)
Good luck and good fortune!
Comment:
Update: As forecast, ADA dropped to 1.00 today. Since then, prices have rallied back hitting 1.20. This could be the bottom, but indicators in the short-term suggest that we have a few more days of downward momentum. Indeed, Friday could be volatile. Be careful during this period to not overleverage in margin longs.