🔥 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.

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!