WyckoffMode

ADA: Casual Discussion on Current Price Movement

BINANCE:ADAUSD   Cardano / US Dollar (calculated by TradingView)
Hi Everyone! We need another 1-Day and 3.5 hours to pass to know more. About what? To determine if we are in the process of one more "Last Point of Supply" event in Distribution before potentially falling down to around $0.31 to $0.32 cents. Or, to determine if we could potentially be going up slowly with another Simple Rally event in Phase B of potential Accumulation Schematic. If we are to go up significantly with another Simple Rally in Phase B of Accumulation in the 8-hour time frame, the Red and Blue lines in the 8-hour still have more work to do in order for us to go up considerably. We would require roughly 16 to 24 more hours to see if that may occur.

BOTTOM LINE: We need another 1-Day 3.5 hours to pass to know more. I'm still leaning more towards this being a potential Last Point of Supply event in Distribution before falling down to the purple diagonal trend line around $0.31 to $0.32 cents. Yes, it's possible to still go sideways. We also know $0.50 cents is rather strong resistance level at present as well. So, could we see one more Last Point of Supply event up to or near $0.50 before falling down potentially with another Sign of Weakness? Well, it is still hard to say just yet. We simply need more time to find out this. We don't know what we don't know until we know it.

I hope this was helpful. Unfortunately, we need more time to pass to find out more. If I were asked, "What do you think... Still in Distribution or Accumulation?" My answer would be, "I'm leaning 60 to 65 percent still in Distribution."

I'm needing more sleep... Thank you for your valuable time and support!

Happy Trading and Stay Awesome!

David

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