Chart analysis for ADA/USDT.

ayrinbd (79)in Steem Alliance • 8 months ago

Hello friends, how are you all? Hope you guys doing well. Today I will share my ADA/USDT chart analysis. Hope you will find something valuable here.

For the past few days, we have seen BTC trending into the sidewise trend. Basically, it is a reversal sign. Although we can't clearly say everything. But the pattern looks like it is preparing for dump.

No support, no trendline and rejecting multiple times from the same zone is a good sign for dump. So, I will look for a short opportunity.

Screenshot from trading view 4h time frame (BTC)

I was looking for top-ranked coins for trade. And then I found ADA. I think this is a good opportunity for taking a trade. Let's break the trade down.

1st of all we have to identify the resistance level. We can see that the market was at major resistance level. Now it is slowly going down.

Although there was a chance to bounce back from 0.57$ area. But now I really don't think it will get pumped from 0.57$ cents.

Screenshot from trading view 4h time frame

First of all, the market rejected from the resistance level now it is making a downtrend. So, I think it will be a great trade to the downside.

Now let's disclose it through some indicators. I will use 100MA , RSI and the Volume.

Firstly the 100MA. We will notice that the 100MA is now above the price. And it was below few days ago when the market was in uptrend.

Screenshot from trading view 1h time frame

The Volume is going lower. Actually in trading, we have to notice everything when we are trying to take trade. That the thing makes the trading difficult.

The RSI doesn't look so good but I think it will dump as well, the RSI trying to support on 40 band. But it should be broken because of the market's downtrend.

Screenshot from trading view 4h time frame

MY PREDICTION

I think the market will dump. 0.57 to 0.59 is a safe zone to take a short. Our target will be 0.48$ and stop loss on the top of the week means above 0.64$.

Also, the 0.53$ zone is also might be a support. So we have to be aware of this zone. Hope this trade will go in our favor.

Screenshot from trading view 4h time frame

On the previous day, I posted about LINK/USDT prediction. And I said on 17$ there is a big support level. And now it is trying to reverse from that zone.

Screenshot from trading view 4htime frame

I'm not a professional trader. I Just predict prices based on my previous experience. I don't even give guarantee with the trades that I post. My main purpose is to share my experiences. Hope you get the point. That's for today. Thank you for your time.