After a strong breakout and recent rally, ADA is entering a healthy correction phase. This dip is primarily driven by a temporary lack of momentum and profit-taking at key resistance levels by futures traders.
Technical Outlook:
Downside Potential: Expecting a slight move lower to attract more liquidity and new buyers.
Weekend Volume: As it is currently Saturday, expect lower trading volume through Sunday, which often leads to sideways consolidation or a minor dip before the next recovery.
The Long Setup: If the price holds its ground and forms a Higher Low, it will provide a strong signal for the next leg up 📈.
Strategy: I am looking for a dip to a solid support zone before considering a long position. Watch for a bounce with increased volume to confirm the trend reversal.
The market is waking up with some steady consolidation. Bitcoin is holding its ground around the $90,000 mark, while the broader market shows signs of stabilization after the recent volatility.
Quick Market Snapshot 📊
BTC: $90,836 (-0.21%) 📉
ETH: $3,114 (-0.62%) 📉
BNB: $894.37 (-0.89%) 📉
SOL: $139.04 (+2.29%) 📈
XRP: $2.12 (+0.28%) 📈
Today’s Focus 🔍
JPMorgan analysts are noting that the "de-risking" phase might be coming to an end, with ETF flows finally showing signs of a bottom. While the "Fear & Greed Index" is still sitting in the Fear (42/100) zone, the underlying trend for institutional accumulation remains strong.
In the world of crypto, patience is often more profitable than a fast trade.
$BTC has just been rejected from the horizontal resistance zone of an Ascending Triangle pattern. While this is typically a bullish continuation setup, the short-term price action suggests a potential retest of the lower support trendline.
📉 The Technical Setup:
Support Zone: We are looking at a potential retest of the $88k – $90k area.
Resistance Zone: The bulls need a clean breakout above $94,600 to confirm the next leg up.
Bitcoin is currently in a "wait-and-see" phase. Do you think we sweep the liquidity below $90k first, or are we heading straight to $100k from here?