ADA/USD - Massive bearish divergence! Be careful!😱
ADA has painted a massive bearish divergence on RSI (see yellow arrows). This is bearish, particularly when it happens on weekly timeframe, BTC had the same and it crashed 50% this year...
Moreover, the MACD moving averages just did a bearish cross on weekly as well... last time this happened, it took ADA two months to return on the up-trend...
This is not the time to buy ADA hoping for MOON... this is when you wait. We need clear signals to return and buy ADA. What can those signals be?
First price is in a range between $2 and $2.4... we need to BREAK OUT of this range, above $2.4 to get confidence on any future pump. Secondly, the support at $2 also has to hold, if that falls, then there will be very little hopium left for bulls... as ADA will likely explore lower levels... Right now we seem to exit our descending channel and go sideways, this is good for bulls.
The overall market is bullish, and this can help ADA from a deep correction. Time will tell, but the indicators are clear to me. Bias remains bearish so long we are under $2.4.
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Moreover, the MACD moving averages just did a bearish cross on weekly as well... last time this happened, it took ADA two months to return on the up-trend...
This is not the time to buy ADA hoping for MOON... this is when you wait. We need clear signals to return and buy ADA. What can those signals be?
First price is in a range between $2 and $2.4... we need to BREAK OUT of this range, above $2.4 to get confidence on any future pump. Secondly, the support at $2 also has to hold, if that falls, then there will be very little hopium left for bulls... as ADA will likely explore lower levels... Right now we seem to exit our descending channel and go sideways, this is good for bulls.
The overall market is bullish, and this can help ADA from a deep correction. Time will tell, but the indicators are clear to me. Bias remains bearish so long we are under $2.4.
Like and follow if you liked this idea!
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