🔥 ADA Looking Bullish: Short-Term Outlook
Around two weeks ago I made an analysis on the expected movement of ADA in the near term. I argued that a break-out from the bearish triangle (blue line) was at hand and that $1.50 was in our sight.
The break out did indeed occur, boosted by regained confidence from extreme bullish price action from Bitcoin. Here and there there has been a minor dip, like the one we saw earlier today, but they have all been bought up swiftly.
Only difference is that over the last three days BTC has been red, bouncing off the 42.5k resistance. Although ADA is seeing a strong move upwards today, if BTC will resume it's bearish move ADA will surely follow.
Assuming BTC has bottomed for now, ADA will go for a re-test of the 1.39 resistance in the coming 48 hours. It's of key importance for ADA to break through this resistance fairly soon if we want to have a shot at $1.50 in the next week. After $1.50, $1.85 is the next important major milestone. I'm expecting ADA to reach this area when BTC is trading over 50k again.
Things are looking good for ADA. Happy trading!
The break out did indeed occur, boosted by regained confidence from extreme bullish price action from Bitcoin. Here and there there has been a minor dip, like the one we saw earlier today, but they have all been bought up swiftly.
Only difference is that over the last three days BTC has been red, bouncing off the 42.5k resistance. Although ADA is seeing a strong move upwards today, if BTC will resume it's bearish move ADA will surely follow.
Assuming BTC has bottomed for now, ADA will go for a re-test of the 1.39 resistance in the coming 48 hours. It's of key importance for ADA to break through this resistance fairly soon if we want to have a shot at $1.50 in the next week. After $1.50, $1.85 is the next important major milestone. I'm expecting ADA to reach this area when BTC is trading over 50k again.
Things are looking good for ADA. Happy trading!
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