_Dope_Trades
Short

ADA Setting up to Complete Down Trend?

BINANCE:ADABTC   Cardano / Bitcoin
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6
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I don't spend a lot of time writing stories on why you should or should not believe in what the chart is already telling you.
Comment: The rejection is at hand...
Comment: Good spot for profit taking on the longs here.
Trade closed: target reached: Close enough.

can u check this, am i right about passing resistances without confirming them as support?
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_Dope_Trades TodorStanev
@TodorStanev, No. The supports you are now concerned with will come from the downtrend, and must not be tested.
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TodorStanev _Dope_Trades
Arent weekly supports getting tested mostly on daily chart? I mean they are still supports untill we close bellow them on the current time frame, same with resistances this monthly one will driving the price down unless we magicly close above it at the end of the month. Thats my theory basicly.
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_Dope_Trades TodorStanev
@TodorStanev, Why do you think that?
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TodorStanev _Dope_Trades
@_Dope_Trades, well im not that confident thats why im asking, dont have much technical knowledge, but im following some of your ideas + some of my theories. I noticed that higher timeframe support can be abused on lower time frames, but at the end of the day its still acting like price magnet, same for resistances wich are not gained. Lets say u can have monthly resistance below weekly support, for example xvg.
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TodorStanev TodorStanev
@TodorStanev, this is my example, support gained on weekly level, but that monthly resistance is still there so the price will feel greater gravity than weekly supports can hold
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TodorStanev TodorStanev
My english is not the best so im trying my best to explain :)
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TodorStanev TodorStanev
U can see inside last monthly candle u can gain all kind of lower time frame supports, but not the monthly itself until the candle itself is done
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Thank you
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