• The long-term outlook continues in a downtrend.

• The bears are back in control of the market after the minor rally.

ADA/USD Long-term Trend –Bearish

Supply zone: $0.1200, $0.1400, $0.1600
Demand zone: $0.0400, $0.03000, $0.02000

ADA remains in a bearish trend in its long-term outlook. The bears successfully retested the demand area at $0.05000 as predicted on 15th July. The cryptocurrency dropped further to $0.04850 due to increased pressure by the bears which got weaken with the formation of a bullish spinning top on 17th July.

The market rally was sustained until 20th July at $0.06783 in the supply area with the week ending with an inverted pinbar as exhaustion sets in, a reversal signal.

The formation of wicks at this critical fib of 50.0 a trend reversal zone suggest the bears' resumption of downward continuation in the long-term.

The new week is starting on a bearish note at $0.06282 with price already down at $0.05910.

Price is below the two EMAs and the signal of the stochastic oscillator is parallel at 30% an indication of brief consolidation before downtrend continuation in the days ahead with $0.04850 as the initail target.

The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.