ADA/USD possible support and resistance zones

3 mar 2021

These zones are merely an indication of where ,in the past, there has been conflicting market psychology. Meaning there were people on the bullish side but also people on the bearish side. This could mean that at this price people take a profit or become less confident in the coin. Therefore we can use these zones with proper knowledge of price action and also an understanding of the current sentiment of the crypto market to make and informed "guess" on the direction of ADA/USD. You should not "expect" the price to do anything , you should merely follow this because it is the most likely outcome based on all the knowledge from price action, market sentiment and an understanding of the fundamentals of crypto and trading. Being "likely" does not guarantee the outcome and I can not even guarantee that it is indeed "likely". Don't be too attached to these lines you draw on a chart. They highlight interesting things, they are not "laws of the market" or something like that.

4 mar 2021

Nota

Price action seems to signal a change in market sentiment, therefore I have put in a long position at 1.156. I will cut my losses if price goes below the support zone. I will take profit at or above the resistance zone. Price action will guide me in this decision.