Yesterday's Market Review

After yesterday's sharp rebound, market sentiment has warmed up, and there is still a possibility of testing highs in the future. The current rebound has weakened, and the upper track of the Bollinger Band and yesterday's high have formed strong resistance. It is expected that the price may be blocked and fall back around 1.1200.

Today's technical analysis:

  1. 4-hour chart:

    • Moving average analysis:

      • MA7 (white line): The price has returned above MA7, indicating that short-term bulls dominate, but the upper MA30 (yellow line) forms resistance. We need to pay attention to the price suppression in the 1.1207-1.1250 range.

      • MA100 (pink line): The medium and long-term moving averages are still far away, indicating that the bullish force has not yet fully recovered.

    • K-line pattern:

      • The K-line rebounded sharply after falling to 0.8952 yesterday. It is currently fluctuating around 1.1100-1.1200, with a strong rebound strength.

      • The long upper shadow line shows that short-term bulls lack confidence and the market faces certain selling pressure.

    • Bollinger Bands:

      • The middle track of the Bollinger Band (about 1.1080) becomes a short-term support.

      • The upper rail near 1.1290 may become a strong pressure level.

  2. 1 hour chart:

    • Indicator observation:

      • The MACD indicator shows that the bulls are increasing in volume, but the momentum column is shortening, suggesting that the upward momentum may slow down.

      • The RSI is close to the overbought zone (around 65-70), and there may be a need for a correction in the short term.

    • Oscillation range:

      • The support below is 1.1024 (MA30). If it falls below, it may test yesterday's low of 1.0890.

      • The upper pressure is 1.1300, and after breaking through, it is expected to hit 1.1500.

Today's operation suggestions:

Short order strategy:

  • Entry range: 1.1180-1.1220

  • First stop profit level: 1.1080

  • Second stop profit level: 1.0950

  • Stop loss: 1.1260

Long order strategy (without breaking support):

  • Entry range: 1.1020-1.1060

  • First take profit level: 1.1180

  • Second stop profit level: 1.1260

  • Stop loss: 1.0920

Today, ADA's trend is likely to be mainly weak and volatile. The short-term downward trend may test the 1.1080-1.1020 support, but if it holds this area, it may start a new round of rebound.
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