Hey guys, so I'm still learning how to use the Phoenix Ascending and the Bad Ass BB indicators by @WyckoffMode
Both these indicators are great because they give you, the analyst, tons of information on many different timeframes without taking away your responsibility to interpret the data you are presented.
DISCLAIMER:
I'm still very bad at using these Indicators, so don't take my predictions as any kind of advice.
ADAUSD in the next 6-12 days:
The stochastic RSI, the thin yellow and purple lines in the Phoenix indicator, is more sensitive than the regular RSI and thus one can use it to predict what the regular RSI, in this case the green line, might do in the future.
When the yellow sRSI is above the purple one, the price action tends to be bullish and when the purple sRSI is above the yellow one the price action tends to be rather bearish.
The current 3D candle, from the 4th of May till the 7th of May 2021, seems to be crucial for the near term price action of Cardano. If this 3D candle closes with the yellow sRSI BELOW the purple sRSI, we MIGHT see ADAUSD retrace to the 1.18$ - 1.14$ area.
I'm not going to enter any shorts here because this 3D candle can still go either way, but I think the bearish scenario is more likely to occur.
Feel free to share your thoughts and ideas in the comments :)
Both these indicators are great because they give you, the analyst, tons of information on many different timeframes without taking away your responsibility to interpret the data you are presented.
DISCLAIMER:
I'm still very bad at using these Indicators, so don't take my predictions as any kind of advice.
ADAUSD in the next 6-12 days:
The stochastic RSI, the thin yellow and purple lines in the Phoenix indicator, is more sensitive than the regular RSI and thus one can use it to predict what the regular RSI, in this case the green line, might do in the future.
When the yellow sRSI is above the purple one, the price action tends to be bullish and when the purple sRSI is above the yellow one the price action tends to be rather bearish.
The current 3D candle, from the 4th of May till the 7th of May 2021, seems to be crucial for the near term price action of Cardano. If this 3D candle closes with the yellow sRSI BELOW the purple sRSI, we MIGHT see ADAUSD retrace to the 1.18$ - 1.14$ area.
I'm not going to enter any shorts here because this 3D candle can still go either way, but I think the bearish scenario is more likely to occur.
Feel free to share your thoughts and ideas in the comments :)
day left in this 3D and 6D candle.
The 3D candle close should provide a better insight on the state of ADA at the moment.
Thanks for all your thoughts!