AdEx VS Bitcoin – Time for a Trend Reversal?
Since the beginning of January AdEx has been loosing in value against the Bitcoin. Price has decline from 25k satoshis down to the recent low at 2.5k satoshis, resulting in a x10 time price drop, which is a 90% loss.
On the 15th of August, when ADX/BTC hast reached the bottom at 2.5k satoshis, AdEx has tested the lower trendline of two descending channels, which were rejected simultaneously. The interesting moment is that new Fibonacci Time Zone cycle has just started, exactly at the date when ADX reached the recent low.
It is very likely, that if current low will hold, AdEx could be on its way to establish a long term uptrend, or a strong corrective move north at the very least. Price is expected to reach strong resistance that is seen at 13.7k satoshis area, confirmed by 76.4% and 50% Fibonacci retracement levels.
The upside target also corresponds to the uptrend trendline and the next Fibonacci time zone cycle, which will start on the 12th of January 2019. Therefore, the upside potential is 450% with the time horizon of 5 months.
But at the same time price could reach the upside target earlier, that could be the confirmation of a strong bullish move up until the January 2019. Price could reach and surpass the previous all-time high, established back in August 2017, when price almost reached 60k satoshis.