Hello traders!
Bringing you my chart for $ADA today!
Lets take a look at the daily chart fully zoomed out:
https://www.tradingview.com/x/46q3xdR7/
I marked 2 very interesting areas which first were used at the very beggining of the $ADA chart.
While the area close around 900 satoshi has been used multiple times as a strong support level from which the price has turned upwards,
the ~570 area althou it first was used as a support, lateron became a heavy resistance area which the price is trying to break as we speak.
Let's take a closer look at the recent history.
https://www.tradingview.com/x/QOfmlNiN/
As you can see each of the marked levels almost perfectly corelates to fib lines, the 570 line with the 0.5 fibline and the 900 level with the 1.618 fibline.
My target here is the upper one, 900 satoshi level, with the price breaking above 570 line ((closing above the mentioned line on a daily candle) being my "confirmation".
I also marked the the 0.236 fibline at 490 satoshi, which if you look to the left has been used as a minor support and resistance level on these low prices.
Breaking bellow this level (closing below the mentioned line on a daily candle) would make me abandon this idea, althou if the price gets to ~490 sat and holds above the level I would be looking into adding a bit to the postion.
To help you with better perception of aproximetly how i expect the price to move I drew up some arrow showing the path, each in own collor:
1.) a break above 570 and runup to 900 - green - full on bull
2.) a pullback to the 490 level followed by a break of the 750 and runup to the 900 levels - slower proggress
3.) a break of the 490 level downward - full on bear
https://www.tradingview.com/x/1VFVdY9F/
Let me know if the last part helped!
Please keep in mind, this post is NOT financial advice or any kind of recomandation, nor am I lisenced to give one!
It is my personal opinion and view on the chart!
Enjoy the day and keep an eye out for opportuneties in the markets.
Kind regards, OZ