ADAUST Weekly Range| 200MA| Weekly S/R| .50 Fib| 21MA
Evening Traders,
Today’s analysis – ADAUSDT- initial respect of the weekly resistance, Price Action has a probability if retracing here.
Points to consider,
- Impulsive Price Action
- Range-mid support (21 MA Confluence)
- Weekly S/R Resistance (200 MA&EMA Confluence)
- Oscillators overbought
- Volume Climax
The immediate Price Action on ADAUSDT has been impulsive, currently testing Weekly S/R where a rejection is probable. The Weekly level has the 200 MA and EMA converging, adding more technical confluence to resistance.
Range-mid is the immediate support, Price Action has the probability of retesting and holding this level as it is in technical confluence with the 21 MA.
Both oscillators are above overbought conditions, a price retracement will allow for the RSI and Stochastics to return to neutral.
The volume profile has a valid volume climax, this is indicative of a temporary top being set as price finds its equilibrium.
Overall, in my opinion, ADAUSDT is a valid short with defined risk; price action is to be used upon discretion/management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Today’s analysis – ADAUSDT- initial respect of the weekly resistance, Price Action has a probability if retracing here.
Points to consider,
- Impulsive Price Action
- Range-mid support (21 MA Confluence)
- Weekly S/R Resistance (200 MA&EMA Confluence)
- Oscillators overbought
- Volume Climax
The immediate Price Action on ADAUSDT has been impulsive, currently testing Weekly S/R where a rejection is probable. The Weekly level has the 200 MA and EMA converging, adding more technical confluence to resistance.
Range-mid is the immediate support, Price Action has the probability of retesting and holding this level as it is in technical confluence with the 21 MA.
Both oscillators are above overbought conditions, a price retracement will allow for the RSI and Stochastics to return to neutral.
The volume profile has a valid volume climax, this is indicative of a temporary top being set as price finds its equilibrium.
Overall, in my opinion, ADAUSDT is a valid short with defined risk; price action is to be used upon discretion/management of trade.
Hope this analysis helps
Thank you for following my work!
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt