On support

2021年1月3日

Hello everyone,

ADA/BTC as been struggling lately by the moves of btc. The weekly rsi at btc is almost at 94% giving clear signals of a possible correction next week.
We are currently on the big support from the start or the rally for ada since January and looking to closes the weekly over the dynamic support at 553 sats (I expect Sunday to be good for alts after a rejection from the resistance at the dominance arround 73%). If the support holds, we may expect a bounce to the area of 1450 / 1300 sats in the next 3 weeks. At the current value of btc we should expect a target of 0.46$ / 0.40$ USDT just a little over the resistance at 0.388$ USDT.

Now we need to know if the dynamic resistance (in green) will create a symetrical triangle or just act as a dynamic resistance.
In case of a symetrical triangle the target would be 7500 sats with a possible breakout arround November 2021. I don't think we are playing with a symetrical triangle because of fundamentals playing arround, like Goguen in the next months or the effect of an altseason.

Be safe!