AdEx VS Bitcoin – Medium Term Outlook

Following the previous idea on ADX/USD, it has reached the upside target and rejected it. Pretty much the same is happening with Adex againstĀ the Bitcoin as it has approached the resistanceĀ at 25k satoshi.

This level has been acting as a support well as the resistance between August and September, so now the history may repeat itself. Not to mention that ADX/BTC reached the top of the descending channel and is very close to 2/1 Gann Fan trendline. 25k satoshi support area could be acting as a strong resistance and could potentially send Adex back to the 200 Moving Average or the uptrend trendline.

On the upside note, break above the 25k resistance could prove that the trend up continues and then a buying opportunity might present itself. As for now, Adex remains a risky coin to hold.

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