Basic TA of CRO/USDT 13/04/2022 10am Sydney time
מעודכן
Ok, so I'm reasonably new to this although I did a fair bit of paper trading a few years back but never with crypto pairs.
Anyway, I see resistance at 0.4000 which was tested after a huge drop in price action from the 5th of April 12:00. It plunged through a support and resistance point at 0.4500 and continued to fall until it hit resistance at about 0.4370 on the 6th April 21:00 where it was oversold on both the RSI and Stochastic and gained upward momentum, hitting resistance at 0.4500 on the 8th April 15:00. It was overbought on the Stochastic but not on RSI which was under 50 indicating a downward plunge to resistance at 0.4370 on 9th Apr 00:00. At this time both indicators showed oversold and again price action rose again to hit resistance at 0.4000 on 10th April 18:00. Indicators where both over bought and price action dropped sharply to hit resistance at 0.4000 on 11th Apr 21:00. Volume was significantly high as selling rapidly dropped the price.
Now to my point. As the price plunged and hit resistance we had a bounce of resistance at 0.4500. Candlesticks showed a strong reversal with the indicators both heavily oversold so we had a soft bounce upwards to 0.4200 on 12th Apr 9:00. Since then the price is slowly moving towards resistance at our strong 0.4500 point. Looking at price action on 1,2,3,4 hr and 1day charts price is trying to gain upward momentum but is struggling. Everything seems to indicate that this was a test of resistance, had a small bounce upward1s and is coming down to 0.4000 rapidly. Could hit resistance at the 13th Apr 12:00 or at the 13th Apr 23:00.
I think this resistance level is solid so I'm bullish on the pair. Hopefully when it hits again the bulls will take control and we'll watch price action soar. If this happens it should rise to our next resistance point at 0.4370 and maybe even go as high as 0.4500. Very possibly the former. Not so sure about the latter.
Please feel free to let me know that I have no idea what I'm doing which is a strong possibility lol
Anyway, I see resistance at 0.4000 which was tested after a huge drop in price action from the 5th of April 12:00. It plunged through a support and resistance point at 0.4500 and continued to fall until it hit resistance at about 0.4370 on the 6th April 21:00 where it was oversold on both the RSI and Stochastic and gained upward momentum, hitting resistance at 0.4500 on the 8th April 15:00. It was overbought on the Stochastic but not on RSI which was under 50 indicating a downward plunge to resistance at 0.4370 on 9th Apr 00:00. At this time both indicators showed oversold and again price action rose again to hit resistance at 0.4000 on 10th April 18:00. Indicators where both over bought and price action dropped sharply to hit resistance at 0.4000 on 11th Apr 21:00. Volume was significantly high as selling rapidly dropped the price.
Now to my point. As the price plunged and hit resistance we had a bounce of resistance at 0.4500. Candlesticks showed a strong reversal with the indicators both heavily oversold so we had a soft bounce upwards to 0.4200 on 12th Apr 9:00. Since then the price is slowly moving towards resistance at our strong 0.4500 point. Looking at price action on 1,2,3,4 hr and 1day charts price is trying to gain upward momentum but is struggling. Everything seems to indicate that this was a test of resistance, had a small bounce upward1s and is coming down to 0.4000 rapidly. Could hit resistance at the 13th Apr 12:00 or at the 13th Apr 23:00.
I think this resistance level is solid so I'm bullish on the pair. Hopefully when it hits again the bulls will take control and we'll watch price action soar. If this happens it should rise to our next resistance point at 0.4370 and maybe even go as high as 0.4500. Very possibly the former. Not so sure about the latter.
Please feel free to let me know that I have no idea what I'm doing which is a strong possibility lol
הערה
Ignore the 'short' tag up the top. This is my first ever posting so I didn't seem to see the option to choose tags... whoops...
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