ADAUSD Price Analysis: Confirmed Downtrend Below Trend-Channel And EMAs
ADAUSD has confirmed the downtrend below the important trend-channel that was trading between 0.0726 and 0.089. The whole channel trading operation looks like a top formed and now the downtrend comes into play.
ADAUSD Price Analysis: 4 Hr Chart
ADAUSD has found immediate support at the support line which formed in the trend before. When this trend is broken we will see bearish pressure after this happened.
The MACD confirmed still bearish below the important orange line and this means there is not much bullishness within there. ADAUSD is now trading below the major channel and above the uptrend-line this can indicate a sideways movement
to confirm the resistance before finding its way back to the downside.
After the trend-line confirmed to the downside there is the support which can be respected between the 0.0692 and 0.072 level, when ADAUSD approaches this level it can show a bounce up, it will be interesting how its playing out.
- TREND: Sideways
- FORMATION: Between lines
- EXPECTATIONE: Breakdown of uptrend-line
- TREND AFTER EXPECTATION: Downsiee
- PREV: 0.075099
- OPEN: 0.075272
- VOLUME: 8.65M
- DAY’S RANGE: 0.074811 — 0.080502
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Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Published at Sat, 13 Jun 2020 11:42:18 +0000
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