The current trend for ADA is bearish as clearly indicated by the lower highs and lower lows, however, we have reached a key support area around $2. A bounce followed, nothing unexpected so far. Also see my last ADA idea linked below.
What can happen next is ADA could continue to pump to our resistance at $2.3, however I find it highly unlikely for ADA to pass that level higher since on the weekly timeframe we are quite bearish and this correction may be missing the C leg in an ABC correction as indicated on the chart.
I'd not recommend entering into ADA now if you missed buying our support line, hence, what you should wait for is a possible short around our resistance anticipating the drop on leg C.
The risk reward there is good, buying now in the middle point between support and resistance is a poor entry.
Indicators also favor a nice bounce and rally in the short term, but then I expect a reversal and bears will come out to short ADA again. We can re-assess once we reach resistance.
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What can happen next is ADA could continue to pump to our resistance at $2.3, however I find it highly unlikely for ADA to pass that level higher since on the weekly timeframe we are quite bearish and this correction may be missing the C leg in an ABC correction as indicated on the chart.
I'd not recommend entering into ADA now if you missed buying our support line, hence, what you should wait for is a possible short around our resistance anticipating the drop on leg C.
The risk reward there is good, buying now in the middle point between support and resistance is a poor entry.
Indicators also favor a nice bounce and rally in the short term, but then I expect a reversal and bears will come out to short ADA again. We can re-assess once we reach resistance.
Like and follow if you liked this idea!
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