ADA/USD Long-term Trend –Ranging
- Supply zone: $0.0600, $0.0800, $0.1000
- Demand zone: $0.0100, $0.0080, $0.0060
ADA remains in a range-bound market in its long-term outlook. The bullish pressure was sustained within the range as predicted in the last article with the breaking of the upper supply area at $0.05200.
ADAUSD rose to a high of $0.05408 in the supply area. The breakout was a fakeout as the bullish momentum was lost and the bears gradually took control of the market.
The new trading week started on a bearish note forming a bearish railroad on 17th March with ADAUSD down to $0.04970 in the demand area.
The stochastic oscillator signal points down at 74% an indication of downward momentum within the range with the bears’ target at $0.03800 in the lower demand area.
ADAUSD is consolidation and trading between $0.05200 in the upper supply area and at $0.03800 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good candle pattern as confirmation for entries. Hence patience is needed to allow this to occur before taking any position.
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