WyckoffMode

ADA: Follow Up for Potential Drop to Proximity of 35 Cents

WyckoffMode Updated   
PHEMEX:ADAUSDT.P   ADA Linear Perpetual Futures Contract
Hi Everyone! Simply providing an update to point out the "potential" still exists for a potential drop down to proximity of $0.35 cents. Could we still range sideways between $0.37 Cents and $0.39 Cents for a while? Sure, that is possible. However, can we say for certain we will in fact continue to range sideways within that range before resuming upward pressure? No... It's still possible to see a shakeout down to $0.35 Cents before resuming upward pressure.

NOTE the 6-hour (Bottom Right of Center): You see the Red Line not quite ready to go UP FROM White Level 30 in order to increase probability of price action going UP FROM White Lower B-Band. Will we see that the next 6-hour candle in a little over 4 hours from this writing? It's possible. However, we need to see the Red "and" Blue Lines in the 30-minute, 60-minute, 90-minute and 2-hour rise above Yellow Level 50 to increase the probability of that occurring. Even if it did occur, would it continue rising to complete a higher high than the previous high in the 6-hour or will it be a lower high than the previous high? Well, that is still unknown at present. This is on-going fluid price action which requires patience to determine if and/or when we could see a change of trend. At present, it appears like a slow bleed down.

Happy Trading and Stay Awesome!

David
Comment:
UPDATE:

Near Term Group (12h, 24h, 2D, 3D, 4D, 5D, 6D and 1W):
Comment:
UPDATE:

We require a 3-Day candle "close" above $0.4522 to qualify as a "Sign of Strength" event in Phase D.

Peak of Sign of Strength in Phase D between $0.7058 to $0.7299 cents.