ADA/USDT - Elliott waves pattern

Trend analysis:
- As you can see from the ADA/USDT daily chart, we are currently in bearish trend and didn't breakout current resistance level. Moreover ADA/USDT formed Elliott 5 waves pattern, which can be a signal for last upward movement that will move price down to near $1 level. That's why I don't recommend to put long position before we see correct signal for bullish movement.

Chart pattern:
- Elliott pattern currently (Short position)

Technical indicators:
- RSI: market is still overheat and can go down to decrease this level (Short)
- MACD: market preparing for short movement cause MA lines are moving away from themselves and going down (Short, Bearish movement prevails)

Thank you for your attention!

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P.S.: Information provided is only educational and should not be used to take action in the market.