ADA Support and Resistance

When we're trading sideways, it's boring, it's frustrating... but at least the trading is stable and predictable! Market makers -- those who exchanges pay to ensure liquidity in the markets -- are doing their jobs as they always do. Getting retail traders to commit their liquidity, then reverse price and snag it back.

The question I'm asking myself is, which way will we break? That answer is gonna require some patience... we just have to wait and see. Is there really any way to predict it? Yea... only if you're the one with the hundreds of millions in play.

$1.05 looks like the turning point in the chart we need to sharply break through, then hold for at least 4 1hr candles before I will personally feel confident in the chances that we'll retest $1.15 this weekend, completing a triple top pattern... aka a W.

With stop losses set below $1 to avoid getting caught in any stop loss hunting actions, while protecting myself from the broader concern of further bearish downside moves.... I'm betting LONG that we'll hit $1.175 before retracing back to retest $1.075. If we hold, I will be continue to be bullish short-term.

There's a lot of work to be done though. Get your buy-limits set. Watch the candles. Keep an eye out for above average volume candles that will tell us we're seeing a spike in interest to move price up. I hope the market makers are aiming to recover some liquidity from everyone who's gone bearish since the start of last week. Let's wait and see!

Still watching the DXY too... It's been on fire!