Quaii

ADABUSD 1D Wyckoff Distribution Schematic #1

Short
BINANCE:ADABUSD   Cardano / BUSD
ADABUSD 1D Wyckoff Distribution Schematic #1

I have been waiting for a loooong period for this time!
Cardano is looking incredibly strong and after a long consolidation period we can see a very strong push towards a new ATH .

My current idea is that Cardano is currently in Phase C of the Wyckoff distribution schematic #1 executing the UTAD test. You can compare it yourself if you google 'wyckoff distribution schematic #1' and look at the phase C / UTAD test. I am unable to post links due to low rep x)..

This means that we can expect that it can spike towards a new ATH ; however, this also means that after it has reached its target we can expect sideways movement and in the end a big dump..

My targets are set to around 1.48, but it might jump between 1. 40 and 1.60.
Be mindful that Cardano does not move fast and a lot of patience is required.

This dump is needed as a natural progression towards a more stable growth towards 2USD and higher.
This correlates with the new estimation on the release of smart contracts.

Make sure to be not greedy and sell on time. Be patient and a new opportunity will come.

Let me know in the comments what you guys think!
Trade active: I sold my long position between 1.42 and 1.475. I feel that we have topped out for now. The next step is to short to around 1.30 and if we are lucky 1.28.

Sentiment is very positive right now. A few possibilities can occur:
A) a (few) retests might occur to try and break the ~1.475 range
B) a rebound will occur, first going back to around 1.28, then pushing the coin WAY UP to possibly 1.90. This is the most likely situation.
C) a breakdown will occur, due to reasons, breaking the current trend
Trade closed manually: Oof, cancelling my short, because this is getting too crazy! Will watch the chart as it moves and adjust accordingly.
Comment: Unfortunately did not re-open my short position on time. This could have been a massive opportunity. Had alarms set at <1.35 just in case, but apparently that did not trigger either.

How crazy right was I!?

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