Can we break above the 0.8063-0.8836 range?
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(ADAEUSDT 1D chart)
ADA is forming a long-term rising channel and is showing an upward trend as it breaks above the mid-term high downtrend line.
We need to see if it can rise above 0.8836 and maintain the price to rise above the previous mid-term low trend line.
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The DOM(60) indicator is showing signs of being newly created.
Accordingly, we need to see where the DOM(60) indicator is formed.
Since the HA-High indicator is formed at 0.8063, in order to continue the upward trend, it must rise at least above 0.8063 to maintain the price.
Accordingly, the key is whether the price can be maintained above 0.6328.
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It is possible to show a mid- to long-term upward trend only if it breaks through the HA-High ~ DOM(60) section of the 1W chart upward.
Therefore, the 0.8836-1.1936 section is likely to be the resistance section.
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Based on the current price position, the support section is the 0.5824-0.6328 section.
However, since the positions of the HA-Low indicator and the DOM(-60) indicator are switched, if it shows a downward trend, there is a possibility that a new HA-Low indicator will be created.
If a new HA-Low indicator is created, it is important to determine whether there is support near it.
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Thank you for reading to the end.
I hope you have a successful trade.
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- Here is an explanation of the big picture.
(3-year bull market, 1-year bear market pattern)
I will explain the details again when the bear market starts.
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