ADA has been held underwater due to heavy resistance from the Death Cross. However, on the 4-hr chart, price is holding above the 200 EMA for the first time in months. If this can hold, the dominos may start to fall as consecutive Daily EMA levels are broken to the upside. Now, let's take those rose-colored classes off and realize that it's also likely that price is rejected from any of these levels and we see continued downside pressure. On the bright side, we are in a Falling Wedge pattern (Bullish). Unless there some Fundamental reason the sell-off will continue (bad news, etc), I'm expecting a significant bounce once the trend resistance is broken. Consider averaging in, but be careful not to go too heavy just yet.
These are just my observations and should be considered financial advice. Do your own research and reach your own conclusions before investing.
Cheers, and Happy New Year!
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I'd love to hear your thoughts, ideas and feedback. Feel free to comment and I'll try and get back to you quickly.
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These are just my observations and should be considered financial advice. Do your own research and reach your own conclusions before investing.
Cheers, and Happy New Year!
---------------------------------------------------------
I'd love to hear your thoughts, ideas and feedback. Feel free to comment and I'll try and get back to you quickly.
If you appreciated this analysis, consider Liking or Following. Thanks!