ðŸ”Ĩ ADA Short Term Outlook

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.

ðŸ”Ĩ ADA Further Drop Expected


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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