Afternoon Traders,
ADA is starting to give us a good signal it has been grinding down lower and lower showing compression within the price action as we near the $1.100 mark
why do I think this, we just broke the 1.180 level (61% fib level) this is giving me a strong indication that price will produce a buy opportunity at the $1.05/ (sub area) around the 79 - 88% fib level on the chart we are seeing strong areas of demand, this is down to a key level at $1.00 level which gives us a great opportunity from a charting perspective to enter on buys around this zone however, I have a contingency in place in case we see a run to lower levels (just in case I get into early)
I will simply be watching the structural points as we enter into the $1.00 range,
if we end up developing a fractal descending type wedge formation on the Lower time frames, I will also be monitoring the volume to support the likely hood of our expansionary move and an end to our down turn.
remember this is just my opinion and I could be wrong, and I always set a stop loss and set limit orders only.
key take away NEVER BUY AT MARKET.
would love to hear your thoughts and opinions whether you agree or disagree.
ADA is starting to give us a good signal it has been grinding down lower and lower showing compression within the price action as we near the $1.100 mark
why do I think this, we just broke the 1.180 level (61% fib level) this is giving me a strong indication that price will produce a buy opportunity at the $1.05/ (sub area) around the 79 - 88% fib level on the chart we are seeing strong areas of demand, this is down to a key level at $1.00 level which gives us a great opportunity from a charting perspective to enter on buys around this zone however, I have a contingency in place in case we see a run to lower levels (just in case I get into early)
I will simply be watching the structural points as we enter into the $1.00 range,
if we end up developing a fractal descending type wedge formation on the Lower time frames, I will also be monitoring the volume to support the likely hood of our expansionary move and an end to our down turn.
remember this is just my opinion and I could be wrong, and I always set a stop loss and set limit orders only.
key take away NEVER BUY AT MARKET.
would love to hear your thoughts and opinions whether you agree or disagree.
we have large concentration of orders at the price level :1.11715, I am expecting a pull back from this level with a degree of overshooting nature to then Pullback and head up in our intended direction.
I will be watching this one carefully to see how we react in this area.
Thank you for taking a look.