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ADA/USD Long-term Trend –Bearish
Supply zone: $0.09000, $0.1000, $0.10500
Demand zone: $0.0600, $0.0300, $0.0001
ADA continues is in a bearish trend in its long-term outlook. The strong bear pressure from the last week head and shoulder pattern broke the predicted $0.06800 in the demand area on 14th November and went further down to $0.05978.
The week ended saw ADAUSD made a low at $0.05823 in the demand area on 15th November.Exhaustion to further downward price movement occurred as candles close with wicks and as a bullish pinbar. This signals a trend reversal as the bulls are gradually returning.
The new week opening price on the daily time frame was $0.06116 lower than last week opening of $0.07550, an indication of more sellers in the market. Price may be up briefly but this should be seen as a retracement before the continuation of the downtrend.
The bears remain in control of the long-term outlook. This is confirmed with the stochastic oscillator in the oversold region at 17% and it signal points down This suggest downward price movement.
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