Watching for Smart Money in the Daily Perspective for ADA/USDHello everyone,
Hope all is well. Thought I would expand on the topics yesterday by looking at the daily perspective of ADA/USD. As I am looking wide and starting to hone in. The recent uptick causes excitement for some life. It is important to layout what is ahead of ADA. Where are the decision points for smart money. To help people plan on important price point battles on either direction.
What did I do:
• Drew horizontal rays for resistances/supports
• Drew date ranges
Setting:
I will be pointing out the different resistance/support lines in order by date as we saw a descend in the market from ‘18 and on. Makes it easier for me to report it.
January 4th, 2018 – Resistance $1.39
May 3rd, 2018 – Resistance $.3878
July 18th, 2018 – Resistance $.1963
Dec 7th, 2018 – Support $.02704
June 26th, 2019 – Resistance $.1070
March 13th, 2020 – Support $.01801
July 7th, 2020 – Support $.1070
Test:
Our nearest test is to the test our support of .1070. As ADA has made the recent jump to turn the resistance level into a support level. Some encouraging signs. Our next big daily test seems to be at the $.1963
Ideals:
Bullish Idea: Healthy support bump from .1070 to give confirmation of its support. Then attack round figures in similar fashion that ADA did between March 13th to July 7th.
Bearish Idea: Failure at this support would cause a fear as it would need to find a new support. There support is at the 1-2 cent range as they show reversal in direction of the trend.
As always, I am only a small prey in this jungle. History will help us prepare for the future.
Happy Friday! Enjoy yourself, take a walk, read a book, drink a beer, enjoy family or friends or hobbies.
