⏳ Let's take a look at the analysis of the ADA coin and analyze it for our trading
📉 In higher time frames such as weekly, we have been experiencing an uptrend and have reached a significant weekly resistance at 0.7901. After hitting this resistance, we have undergone a deep correction so far, but we have not turned bearish yet in the daily time frame.
🔽 In the 4-hour time frame, we have a downtrend, which is essentially a correction of our higher time frames, and we have reached a daily support at 0.5651.
📊 For a short position, we can consider opening it after breaking this support at 0.5651. However, remember that our main trend is upward, and in these conditions, we quickly secure our short positions for profit.
💡 For a long position, we currently have a downtrend line that is of the continuation type. I discussed the trend line in the previous analysis; be sure to check it out.
🚀 After breaking this trend line, we can open our long position, and if you need confirmation, you can open it after breaking 0.6155.
🕰️ We expect price action and interaction at the upcoming supports of 0.5306 and 0.4768 and resistances of 0.6155, 0.6987, and 0.7901.
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.