Let's delve into analyzing this cryptocurrency for the long term. ๐
In the daily timeframe, we've reached the most crucial resistance level after approximately 550 days, anticipating a reaction or movement at this resistance. ๐๐ผ
Moreover, in higher timeframes as we moved towards this resistance, volume was increasing, but after encountering and beginning a corrective move, volume is decreasing, which is a positive sign for the uptrend. ๐๐
In this chart, after a parabolic move, our support and resistance levels for opening positions or trading are clearly defined. ๐ฏ๐
For opening a long position or buying in spot, we can proceed after the resistance at 0.4453, targeting 0.5944. ๐๐น
Similarly, for opening a short position, we have an early trigger, and a logical trigger hasn't yet been provided. A break below the parabolic trend line would further indicate a reversal of the uptrend and the start of a potential correction. Nonetheless, the 0.3548 trigger is the support in the lower timeframe for opening a position, and a break of the 0.3138 support would signal a daily trend change. ๐๐
Additionally, breaking the resistance holds greater significance for us in buying since it would indicate the weekly resistance being breached. ๐๐ผ
If we experienced a correction and found support around the 0.2644 box or had a confirming candle, we could anticipate a trend reversal due to the 50% Fibonacci correction and the importance of Dow Theory for a 50% correction. ๐๐
๐ผโ ๏ธ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
In the daily timeframe, we've reached the most crucial resistance level after approximately 550 days, anticipating a reaction or movement at this resistance. ๐๐ผ
Moreover, in higher timeframes as we moved towards this resistance, volume was increasing, but after encountering and beginning a corrective move, volume is decreasing, which is a positive sign for the uptrend. ๐๐
In this chart, after a parabolic move, our support and resistance levels for opening positions or trading are clearly defined. ๐ฏ๐
For opening a long position or buying in spot, we can proceed after the resistance at 0.4453, targeting 0.5944. ๐๐น
Similarly, for opening a short position, we have an early trigger, and a logical trigger hasn't yet been provided. A break below the parabolic trend line would further indicate a reversal of the uptrend and the start of a potential correction. Nonetheless, the 0.3548 trigger is the support in the lower timeframe for opening a position, and a break of the 0.3138 support would signal a daily trend change. ๐๐
Additionally, breaking the resistance holds greater significance for us in buying since it would indicate the weekly resistance being breached. ๐๐ผ
If we experienced a correction and found support around the 0.2644 box or had a confirming candle, we could anticipate a trend reversal due to the 50% Fibonacci correction and the importance of Dow Theory for a 50% correction. ๐๐
๐ผโ ๏ธ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.