Small update for ADA.
I was expecting a correction after hitting the 2$ mark but the and the equilibrium formed at Bitecoin decided to push BTC /usd to oversold territory on the daily. A similar event can be seen on ADA/USDT where we have hit 30 points at the for a brief oversold instant. I don’t think this is over in USDT terms, Bitcoin has a big opportunity to go oversold and play the 41000$ support, this could lead to a potential correction for ADA in the 0.70$ /0.80$ area where two big supports stands. If this will happen, it should occur during the next 5 or 6 days or if the weekly candle closes under 1.03$ looking for the support of the 26 currently at 0.75$. I don’t really expect this now, as maybe this kind sounds crazy, because ADA didn’t went parabolic yet to see a monthly consolidation (as other coins did like Theta or ENJ ).
On the short term the 4 hrs and 12 hrs are not looking great. We have at the 4 hrs for the first time since September a bear cross of the EMAS 12 and 26 under the 200 and a test of the support on the 12 hrs of the MA 200 and 200 suggesting a weekly consolidation (and so a touch of the 26 on the weekly). On the 12 hrs (I don’t have the timeframe to show) we can also see that the next support is at 0.80$ where if it closes there we will be oversold on the .
But here we are concerned about ADA/ BTC . Despite the (shorterm) perspective of ADA/USDT. ADA/ BTC is not . On the daily we can see that the trend is currently holding well over the 26 and trading in a triangle. This triangle has strong possibilities to break due to fundamentals next week (and the weekly close, see weekly hart) or in the worst case to continue sideways following the correlation with bitcoin . This correlation is presents since the start of March. In case of a breakout we can anticipate that the dynamical resistances in green will form a local top, this is the major resistances to break if we want to see 4100 sats and a possible wick to 6000 sats .
On the short term we can see that the 4 hrs is very likely anticipating a big move in the next days, I expect to see it happen Monday (26) or the next day for the break of this triangle. Meanwhile the 4hrs should hold the trend over the 200, if it goes under it the likelihood for a break downward are increased. In that case 1870 sats is an important level.
ADA/ BTC weekly
4Hrs ADA/ BTC