ADA/USD potential move to the upside
ADA looks like it could be primed for a move to the upside after 2 months of consolidation.
ADA has been moving sideways for quite some time now while many other layer 1 blockchain solutions like DOT, AVAX, LUNA and SOL are making big moves. It could be ADA's time to make its next move higher.
There is RSI hidden bullish divergence forming on the 12hr and 1D, so keep an eye out for a break of the trend line to the upside. It is currently forming a large flag pattern for which I would be setting alerts if the current tend line is broken to upside.
October 27th was significant because it took out recent swing low on September 21st which would have taken out a load of stops. There is support in this region of $1.85-$1.95 region. Also since the move up in July, the current retracement hit exactly 0.618 Fibonacci.
What is furthermore interesting is the ADA/BTC chart which is currently sitting at both strong weekly AND monthly support. You can see we have had strong bounces from the 3000 sats area before. We have had near on 8 week of downside (except for one week) which has resulted in a sharp 50% drop since the highs in August so we could expect a reversal of some magnitude at these levels.
Additionally ADA\ETH is also testing a region of weekly and monthly support from which is has frequently seen 80%-100% bounces from in the past.
I have been trading crypto markets for over 4 years so If you appreciate this post and would like more please like the post and comment below. Happy trading 😎
ADA has been moving sideways for quite some time now while many other layer 1 blockchain solutions like DOT, AVAX, LUNA and SOL are making big moves. It could be ADA's time to make its next move higher.
There is RSI hidden bullish divergence forming on the 12hr and 1D, so keep an eye out for a break of the trend line to the upside. It is currently forming a large flag pattern for which I would be setting alerts if the current tend line is broken to upside.
October 27th was significant because it took out recent swing low on September 21st which would have taken out a load of stops. There is support in this region of $1.85-$1.95 region. Also since the move up in July, the current retracement hit exactly 0.618 Fibonacci.
What is furthermore interesting is the ADA/BTC chart which is currently sitting at both strong weekly AND monthly support. You can see we have had strong bounces from the 3000 sats area before. We have had near on 8 week of downside (except for one week) which has resulted in a sharp 50% drop since the highs in August so we could expect a reversal of some magnitude at these levels.
Additionally ADA\ETH is also testing a region of weekly and monthly support from which is has frequently seen 80%-100% bounces from in the past.
I have been trading crypto markets for over 4 years so If you appreciate this post and would like more please like the post and comment below. Happy trading 😎
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