Technical Analysis of ACA: Free Fall and Realistic Outlook
Looking at the current chart, ACA is in a strong bearish structure. With a drop of over 51% in the last 24 hours, selling pressure completely overwhelms any attempts to catch the bottom.
In terms of trend, both the 15m and 1H timeframes show that the price is below both the MA20 and EMA9. On the 1H chart, the gap between the price at 0.0018 and the MA20 at 0.0031 is significant, confirming that the bears are in absolute control. The EMA9 at 0.0024 on the 1H chart and 0.0020 on the 15m chart currently act as short-term resistance levels. As long as the price doesn’t break above these lines with heavy volume, the downtrend shows no signs of stopping.
Trading Plan:
For LONG positions: This is not a safe zone to jump in. The wave structure is plummeting, and there are no signs of accumulation or divergence to confirm a bottom. We need to wait for the price to close above the EMA9 on the 15m chart and create a higher high before considering a probing LONG entry.
For SHORT positions: The range of 0.0020 - 0.0022 is currently a potential short-term resistance area. If the price retraces (retest) up to this zone without clear buying pressure, this is an opportunity to look for a SHORT entry point with the expectation that the price will continue to probe for new lows. Absolutely avoid trading without clear confirmation of a Breakout or Fakeout at these resistance levels.
The market is experiencing strong volatility; managing capital is the number one priority. Strictly adhere to Stoploss to avoid the risk of liquidation.
$ACA #ACA #Crypto #Trading #PriceAction
Note: This is a personal opinion and not investment advice. Please be cautious with your trading (DYOR).
Looking at the current chart, ACA is in a strong bearish structure. With a drop of over 51% in the last 24 hours, selling pressure completely overwhelms any attempts to catch the bottom.
In terms of trend, both the 15m and 1H timeframes show that the price is below both the MA20 and EMA9. On the 1H chart, the gap between the price at 0.0018 and the MA20 at 0.0031 is significant, confirming that the bears are in absolute control. The EMA9 at 0.0024 on the 1H chart and 0.0020 on the 15m chart currently act as short-term resistance levels. As long as the price doesn’t break above these lines with heavy volume, the downtrend shows no signs of stopping.
Trading Plan:
For LONG positions: This is not a safe zone to jump in. The wave structure is plummeting, and there are no signs of accumulation or divergence to confirm a bottom. We need to wait for the price to close above the EMA9 on the 15m chart and create a higher high before considering a probing LONG entry.
For SHORT positions: The range of 0.0020 - 0.0022 is currently a potential short-term resistance area. If the price retraces (retest) up to this zone without clear buying pressure, this is an opportunity to look for a SHORT entry point with the expectation that the price will continue to probe for new lows. Absolutely avoid trading without clear confirmation of a Breakout or Fakeout at these resistance levels.
The market is experiencing strong volatility; managing capital is the number one priority. Strictly adhere to Stoploss to avoid the risk of liquidation.
$ACA #ACA #Crypto #Trading #PriceAction
Note: This is a personal opinion and not investment advice. Please be cautious with your trading (DYOR).