Sellers in the ADA market managed to organize a fairly deep correction. After the triumphant break of the black trend line on March 16, the price retraced by 78.6%. A rather deep correction broke through the liquid range of $1.17-1.2, however, it did not take away the buyers' high chances for the continuation of the upward trend. Our previous idea worked well and on March 18, buyers were able to test the previous all-time high, but they could not gain a foothold above it.
It is for this reason that we saw such a dramatic crash in the ADA market.
At the moment, the ADAUSDT price is in an incomprehensible position. In order to buy ADA with confidence, you need to wait for either the price to fall to $1, or the breakout and consolidation above $1.2. We have assumed one scenario on the chart, but we will control two variants of the development of events.
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Great analysis, perfect description "At the moment, the ADAUSDT price is in an incomprehensible position".
A major correction was more than overdue in ADA. Let's see where it goes from here.
Thank you.
NOTE: I see lots of traders using the 6H time frame on their analysis right now. Is there a particular reason for it? Why not the typical 4H ?
P_S_trade
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@BelowZero, It was comfortable for me to present the trading situation on this timeframe. This timeframe is no better or more important than 4h
BelowZero
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@P_S_trade, Thanks for your honest answer. Just wondering as I have seen that same time frame (6H) coming a lot in crypto lately.
I thought it had something to do with 6H being half 12H or 1/4 24H, but I was probably just overthinking it :)
As a side note, so I can learn a new trick, when there is not a lot going on in the 4H, you will look at a "slightly larger" time frame, such as the 6H ? Is that sort of idea behind the use of the 6H ?
P_S_trade
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@BelowZero, sometimes too much "noise" on a 4-hour timeframe. In a larger timeframe, the situation looks clearer without unnecessary movements.