ADA: Follow Up for Potential Drop to Proximity of 35 Cents
Hi Everyone! Simply providing an update to point out the "potential" still exists for a potential drop down to proximity of $0.35 cents. Could we still range sideways between $0.37 Cents and $0.39 Cents for a while? Sure, that is possible. However, can we say for certain we will in fact continue to range sideways within that range before resuming upward pressure? No... It's still possible to see a shakeout down to $0.35 Cents before resuming upward pressure.
NOTE the 6-hour (Bottom Right of Center): You see the Red Line not quite ready to go UP FROM White Level 30 in order to increase probability of price action going UP FROM White Lower B-Band. Will we see that the next 6-hour candle in a little over 4 hours from this writing? It's possible. However, we need to see the Red "and" Blue Lines in the 30-minute, 60-minute, 90-minute and 2-hour rise above Yellow Level 50 to increase the probability of that occurring. Even if it did occur, would it continue rising to complete a higher high than the previous high in the 6-hour or will it be a lower high than the previous high? Well, that is still unknown at present. This is on-going fluid price action which requires patience to determine if and/or when we could see a change of trend. At present, it appears like a slow bleed down.
Happy Trading and Stay Awesome!
David
NOTE the 6-hour (Bottom Right of Center): You see the Red Line not quite ready to go UP FROM White Level 30 in order to increase probability of price action going UP FROM White Lower B-Band. Will we see that the next 6-hour candle in a little over 4 hours from this writing? It's possible. However, we need to see the Red "and" Blue Lines in the 30-minute, 60-minute, 90-minute and 2-hour rise above Yellow Level 50 to increase the probability of that occurring. Even if it did occur, would it continue rising to complete a higher high than the previous high in the 6-hour or will it be a lower high than the previous high? Well, that is still unknown at present. This is on-going fluid price action which requires patience to determine if and/or when we could see a change of trend. At present, it appears like a slow bleed down.
Happy Trading and Stay Awesome!
David
Note
UPDATE:Near Term Group (12h, 24h, 2D, 3D, 4D, 5D, 6D and 1W):
Note
UPDATE:We require a 3-Day candle "close" above $0.4522 to qualify as a "Sign of Strength" event in Phase D.
Peak of Sign of Strength in Phase D between $0.7058 to $0.7299 cents.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.