Looking at the action around the all-time high, you can see that a lopsided pattern was formed. This pattern is sloppy, but it's a , none-the-less. I've made a measurement of the pattern, to assess it's downside potential, and you can see that it extends down below the 78.6% retrace. However, I think that level is a little deep. So, for now, I've placed the target at a more reasonable level, which offered clear support in December. The target is around 2574. However, we need to watch to see if the 618 is broken, before putting a lot of faith in this target. Given the overall bearishness of this chart, I do expect further downside. We need to see evidence, though, of a break below the 618, to know that further downside remains.
The has just produced a crossover, and the is practically non-existent. Ultimately, it appears as though ADA/BTC will remain under pressure, as no signs are visible on this chart. On the upside, look for the orange at 4056 to be resistance, followed by the 50 (in orange) and the 200 (in purple.) On the downside, look for a break below the 618, and then a drop to 3204.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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