• The long-term outlook is in a downtrend.
• Trader may consider selling with bearish candle reversal pattern as confirmation at key support areas

ADA/USD Long-term Trend– Bearish

Supply zone: $0.1200, $0.1400, $0.1600
Demand zone: $0.0500, $0.03000, $0.01000

ADA continues in a bearish trend in its long-term outlook. The downward momentum was sustained in the week just ended with the continuation from the 50.0 fib area, a reversal zone lost at $0.05299 in the demand area on 24th July.

The correction of the impulsive move allows the bulls regained control of the market briefly with price pushed up to the 38.2 fibs at $0.06529 in the supply area. This was the high of the week but ended on a bearish note closing below the 10-EMA.

The new week began on a bearish note at $0.05983 with price already down at $0.05723 within the 23.6 fib area.

The retest at the previous low of $0.04851 is on track and may occur with increased bearish momentum with more candles opened and closed below the two EMAs in the long-term.

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.