Probably Best to Wait for Next 3-Day Candle to Make a Decision.
The White Energy just crossed above 50 Percent in the CURRENT 3-Day Candle. I'm of the opinion to wait till the NEXT 3-Day Candle beginning August 13, 2020 before attempting to make a decision on a swing trade.
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Have a look at this 2-Week Time Frame:
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The FIB ReTrace posted on the previous chart is there ONLY IF WE SEE A PULLBACK BEGIN SOON...
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UPDATE:
Cardano may have likely seen it's TOP already and appears to be gearing up for another leg down. Or at least another bout of downward pressure. A period of downward pressure does not always equate to a significant drop in price action. It MIGHT be different with Cardano because MANY want to accumulate for the purpose of staking in Proof of Stake protocol rather than day trade.
One would think we may likely see a pullback at least to the 0.382 at $0.11381 if we are to have a small correction and leg up one more time before a major pullback.
IF we have a relatively major pullback, then we are looking for a pullback to the 0.5 FIB ReTrace at $0.10353 at a minimum but could go down to the 0.618 at $0.09417.
This is TOTALLY NEW for us to go through something like this. Like what?
A popular coin that's super cheap with the best team in the business offering staking of the asset and about to be listed on Coinbase (more than likely) as well as many other exchanges.
One can argue since staking has not gone full 100% until D=0 that market makers who may be interested in staking large amounts may consider dumping to the 0.618 FIB retrace at least one more time during a bull market. However, you can't help but wonder if the market makers realize MANY people have one goal in mind; which is to accumulate what they can on a good dip then take it off exchange PERMANENTLY to stake.
Again, there are so many variables that is hard to determine how the price action may react to the downward pressure.
We have to also consider the White Energy in the 2-Week Time Frame still having room to fall to 50 percent. We honestly do NOT have enough historical data in ADAUSDT to make any kind of educated projection of whether upward pressure will continue till the White Energy in the 2-Week hits the 50 percent level. The White Energy in the 2-Week is what makes me cautious about saying we will see a dump down to the 0.5 or 0.618 FIB retrace begin in the next couple of days. Cause upward pressure COULD continue for one more 2-Week Candle that begins August 17, 2020 and result in another leg up. It's simply super hard to say at the moment.
Cardano may have likely seen it's TOP already and appears to be gearing up for another leg down. Or at least another bout of downward pressure. A period of downward pressure does not always equate to a significant drop in price action. It MIGHT be different with Cardano because MANY want to accumulate for the purpose of staking in Proof of Stake protocol rather than day trade.
One would think we may likely see a pullback at least to the 0.382 at $0.11381 if we are to have a small correction and leg up one more time before a major pullback.
IF we have a relatively major pullback, then we are looking for a pullback to the 0.5 FIB ReTrace at $0.10353 at a minimum but could go down to the 0.618 at $0.09417.
This is TOTALLY NEW for us to go through something like this. Like what?
A popular coin that's super cheap with the best team in the business offering staking of the asset and about to be listed on Coinbase (more than likely) as well as many other exchanges.
One can argue since staking has not gone full 100% until D=0 that market makers who may be interested in staking large amounts may consider dumping to the 0.618 FIB retrace at least one more time during a bull market. However, you can't help but wonder if the market makers realize MANY people have one goal in mind; which is to accumulate what they can on a good dip then take it off exchange PERMANENTLY to stake.
Again, there are so many variables that is hard to determine how the price action may react to the downward pressure.
We have to also consider the White Energy in the 2-Week Time Frame still having room to fall to 50 percent. We honestly do NOT have enough historical data in ADAUSDT to make any kind of educated projection of whether upward pressure will continue till the White Energy in the 2-Week hits the 50 percent level. The White Energy in the 2-Week is what makes me cautious about saying we will see a dump down to the 0.5 or 0.618 FIB retrace begin in the next couple of days. Cause upward pressure COULD continue for one more 2-Week Candle that begins August 17, 2020 and result in another leg up. It's simply super hard to say at the moment.