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!
Dear friends, please push the like button, write comments below, and share this post with other traders - that would be the best support, Thank you.
P.S.: Information provided is only educational and should not be used to take action in the market.
- 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!
Dear friends, please push the like button, write comments below, and share this post with other traders - that would be the best support, Thank you.
P.S.: Information provided is only educational and should not be used to take action in the market.
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