ZB Market Daily: ADA & BCH technical daily analysis
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ADA
Yesterday, it was a bearish start of the day during the Asian trading opened session for ADA market. ADA Price plunged from a high $0.1415 to a low of $0.1310 support mark.
The bulls failed to defend $0.1072 support on the 8th of November, which created a bearish bias. This led to the massive sell-off yesterday, and ADA price fell to a strong support level of $0.13172.
The bears exhausted their steam to lower ADA Price due to high level of demand zone at $0.13172. On the 26th and 27th of November, ADA Price printed a support after a sharp drop from 2020 all-time high of $0.1762.
This support level was a psychological level, traders leveraged on this platform to take long position.
ADA Price rose from the support to retest the previous market structure of $0.1487 support as of the time of writing.
A triangular fallen wedge pattern can be seen on the chart above, this indicates the bear pressure to the downside.
ADA Price broke the 9EMA. The bulls have upper hand on ADA Price as the momentum to the upside is strong. The 20- period moving average also acted as strong support for ADA price to the upside.
The Bollinger band diverge due to the bullish pressure. This indicates healthy recovery from the sell off on the 8th of November.
If the bulls reclaim a major support and defend this support in the coming days, traders can leverage on it to take long position for a probable target of $ 0.160430. More so, if more volume is added, we could anticipate for the price uptrend to resume.
BCH
Yesterday, it was a bearish start of the day during the Asian opened session for BCH market. BCH Price fell to an early morning low of $263.59. This was due to the failure of the bulls to defend $274.41 support level.
Traders loaded short position in anticipation to a hit a probable target of $257.013 support mark. This was a major correction of the rally to the upside that began on the 27th of November to 1st of December.
The bear pressure got more volume to break the $264.53 minor support and as momentum emanated, BCH Price plunged to an intraday low of $257.013 as shown as the chart below.
Technically, BCH Price fell to a strong support at $256.07 during the London opened trading session. This level became a demand area which generated volume for the bulls.
The bulls got momentum from the support which caused BCH Price to pull back to $270.23 at press time. The bulls steered at the broken support of $279.44 for a probable retest of the structure.
RSI up sloped from the 25 mark in the over-sold territory to a 42 mark.
The 9EMA acted as dynamic resistance for BCH priceto the downside. A triangular fallen wedge pattern was spotted as BCH Price printed lower highs and lower lows.
In the days ahead, the bulls will need to wrestle with the bears at $279.09 support. From the 4-hour time frame chart, if the bulls fail to close BCH Price above the broken support level, this will be a probable signal for the bears to leverage on as a platform to dump BCH Price lower.
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ZB Group was founded in 2012 with the goal of providing leadership to the blockchain development space and today manages a network that includes digital assets exchanges, wallets, capital ventures, research institutes, and media. The Group’s flagship platform is ZB.com, the industry leading digital asset exchange. The platform launched in early 2013 and boasts one of the world’s largest trading communities.
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