ADA/USD - Stuck in a tight range, bearish bias for now...
ADA left the descending channel and ended up in a very tight range between $2 and $2.2... see in blue.
Even if we break from this range, we're stuck in a much larger range set back in September from $1.9 to $2.4...
The indicators are a bit bearish in my view. Particularly the volume gives no indication of a rally anytime soon.
The OBV indicator (in pink) has been bearish with the pink line trending under the moving average in white.
Therefore, unless this changes, a re-test of support under $2 is more likely than a rally to $2.4. MACD also wants to cross on the negative, unless volume picks up.
Time will tell.
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Even if we break from this range, we're stuck in a much larger range set back in September from $1.9 to $2.4...
The indicators are a bit bearish in my view. Particularly the volume gives no indication of a rally anytime soon.
The OBV indicator (in pink) has been bearish with the pink line trending under the moving average in white.
Therefore, unless this changes, a re-test of support under $2 is more likely than a rally to $2.4. MACD also wants to cross on the negative, unless volume picks up.
Time will tell.
Like and follow if you liked this idea!1
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