ADA WEEKLY ANALYSIS : 15/12/20 - Eve of Hardfork
ADA WEEKLY : 15/12/20
Eve of Hardfork
Technical' s
15M: Bearish
1HR: Bearish
4HR: Very Bullish
Daily: Very Bullish
Weekly: Very Strong Bullish
Monthly: Bullish
Overall: Bullish
Correlation to BTC:
0.60522 - Heavy decrease over past 6 months
Key Buy/Sell Walls:
Sells: $1m at $0.165
Volatility:
Incoming Volatility expected with HF launch tomorrow
Local Support: 0.15
Next Support: $0.142
Local Resistance: $0.16
Next Resistance: $0.163
Fundamentals:
- Cardano Protocol Hard Forks in prep. for Groguen Upgrade - Potential Bullish
- Etoro launches staking in ADA - Bullish
Personal Opinion:
2 outcomes depending on reaction to Hardfork both looking like a potential quick bounce to 15 region.
Key support if bounce then strength shown towards 16 with inevitbale rejection and further upward movement to the next resistance and big sell wall at 16.3 - 16.5.
Losing the 15 will take it slowly down to the 14.2 region.
I am of the bullish sentiment here with a rise. This is predicated on BTC movement - if it falls then it will more likely be the bearish path.
Eve of Hardfork
Technical' s
15M: Bearish
1HR: Bearish
4HR: Very Bullish
Daily: Very Bullish
Weekly: Very Strong Bullish
Monthly: Bullish
Overall: Bullish
Correlation to BTC:
0.60522 - Heavy decrease over past 6 months
Key Buy/Sell Walls:
Sells: $1m at $0.165
Volatility:
Incoming Volatility expected with HF launch tomorrow
Local Support: 0.15
Next Support: $0.142
Local Resistance: $0.16
Next Resistance: $0.163
Fundamentals:
- Cardano Protocol Hard Forks in prep. for Groguen Upgrade - Potential Bullish
- Etoro launches staking in ADA - Bullish
Personal Opinion:
2 outcomes depending on reaction to Hardfork both looking like a potential quick bounce to 15 region.
Key support if bounce then strength shown towards 16 with inevitbale rejection and further upward movement to the next resistance and big sell wall at 16.3 - 16.5.
Losing the 15 will take it slowly down to the 14.2 region.
I am of the bullish sentiment here with a rise. This is predicated on BTC movement - if it falls then it will more likely be the bearish path.
