This is similar like bitcoin escaped 42K level last sunday now ada escaped 1.02 level it was good level to take little risk and open trade I analyzed all major points EMAS ATH fibos on D 4H and 1H timeframes when you combine all these numbers then drop to 1.03 and pullback from 1.17 make so much more sense.
ok it should have done 1.02 but buy wall was strong enough and most people ddecided take little bit riskier trade and dont wanted for price to escape.
This is I believe how technical analysis should be done
analyze all timeframes Daily 4H and 1H all major support and reistance plus fibo levels plus EMAS make a note off all these levels
then write down from all timeframes then put together all these numbers and find epic entry zone
This was no brainer
Daily EMA tick fibo level yes more numbers fit in small range better trade it could be.
Think about it for a minute
price action is disbalance fromm supply and demand
for example daily fibo level there are sitting many buy orders but its just one point and if sell pressure is high it can easily break that point but if we have 4H EMA daily EMA another 1H fibo level very close then we have multiple strong buy walls points more close they are to each other then better entry zone. Price should react from such zones when you have 4 strong levels price should bounce at least back from entry so you can put SL at entry. This how I see it. very logical. I just dont have time to do for all pairs I wish someone would help me :)
there are of course many people analyze market they say for example support at 1.02 but what is logic behind it??? did he analyzed all timeframes and does everything fit together nicely?? Lets say there is 1H support 1.04 and daily EMA 1.01 which is stronger of course daily ema at least you should know it and put SL below it or preferbaly wait what price is doing and enter somewhere in middle.
ok it should have done 1.02 but buy wall was strong enough and most people ddecided take little bit riskier trade and dont wanted for price to escape.
This is I believe how technical analysis should be done
analyze all timeframes Daily 4H and 1H all major support and reistance plus fibo levels plus EMAS make a note off all these levels
then write down from all timeframes then put together all these numbers and find epic entry zone
This was no brainer
Daily EMA tick fibo level yes more numbers fit in small range better trade it could be.
Think about it for a minute
price action is disbalance fromm supply and demand
for example daily fibo level there are sitting many buy orders but its just one point and if sell pressure is high it can easily break that point but if we have 4H EMA daily EMA another 1H fibo level very close then we have multiple strong buy walls points more close they are to each other then better entry zone. Price should react from such zones when you have 4 strong levels price should bounce at least back from entry so you can put SL at entry. This how I see it. very logical. I just dont have time to do for all pairs I wish someone would help me :)
there are of course many people analyze market they say for example support at 1.02 but what is logic behind it??? did he analyzed all timeframes and does everything fit together nicely?? Lets say there is 1H support 1.04 and daily EMA 1.01 which is stronger of course daily ema at least you should know it and put SL below it or preferbaly wait what price is doing and enter somewhere in middle.
Comment:
So now looks like 1.00 would be next target but if bitcoins start dumping then 0.9 looks very solid