ADA - RUNNING OUT OF TIME. WHAT I SEE
Updated
Ok guys so ADA is STILL in a squeeze! ITS NOT SURPRISING THOUGH! When you think of MANIPULATORS MANIPULATING THE MARKET, You know ALOT of people are holding ADA and THE MANIPULATORS WANT A LOW BUY, so they try to get YOU to panic sell to them!
There' s a few indicators here including MACD and BBWP which if you look, I've identified similarities from earlier to now.
There's also a volume profile which goes back 1000 bars which I think fits the situation. I wanted it to extend further back to include the volume from then!
So MY PREVIOUS IDEAS STATE That ADA is FORMING A STRONG SUPPORT BASE which is still true however we need to break above the 2.12 area and hold it soon or else I imagine we could head lower to the $2.00 area and even a quick wick down to the 1.90 area which I've identified on the charts because it acted as a strong resistance in MAY and we got a strong bounce off of it in August and September.
ASK YOURSELF, IF YOU WERE THE MANIPULATING WHALE, WHAT WOULD YOU DO???
I ALWAYS ASK MYSELF THIS and honestly I think it gives me the edge SO MANY TIMES! I really do study Wyckoffian theory a bit and in this YOUNG CRYPTO MARKET, IT'S ONE OF THE BEST THINGS YOU COULD UNDERSTAND I.M.O.
It's really a good read! I recommend giving it a Google! haha
So here in this situation, IF YOU WERE THE "COMPOSITE MAN" (MANIPULATOR) MANIPULATING THE MARKET, WHAT WOULD YOU REALLY DO? I personally would create A SCARE before BUYING and LETTING BULLS PUMP THE PRICE. I imagine A LOT of people are putting in LONGS with HIGH LEVERAGE at the 2.00 area... It looks like a great support on the charts with low risk BUT WHAT IF WE BROUGHT IT DOWN TO 1.90? How many of those longs would get liquidated with high leverage? (ALOT) How many would rethink their LONG and either SHORT or just close their position? (ALOT) HOW MANY PEOPLE HAVE A STOP LOSS JUST UNDER THAT NICE EVEN $2.00 NUMBER??? ALOT! Maybe you do as well! SO IF I WERE THE COMPOSITE MAN that's what I would be thinking! It's a way of wiping out all the LONGS, and tricking people into shorting the market! It's a way to make people panic sell AND THEY NEED SELLERS... WHY? BECAUSE THEY'RE THE ONES BUYING YOUR BAGS!
Remember there IS NO FREE MONEY IN THIS MARKET. Someone has to LOSE in order for others to GAIN! It all equals itself out!
So with that said, you'll see I copied the bars pattern from august and pasted it right where we are heading. It shows a dip to the 1.90 area and I DO THINK IT IS POSSIBLE. Nothing is guaranteed of course. Maybe we'll turn up right now and not head below 2.10 again. Maybe we'll bounce off 2.00 (that would be too easy though right?), OR MAYBE... We'll scare A lot of people into selling us their bags by PUSHING THE PRICE DOWN TO 1.90.
The important thing here is to not put your stop loss too high! it would be messed up if your stop loss was @ $1.94 and ADA quick wick bounces off of $1.90 and blasts to $2.40 - $2-50 while you're sleeping right?
OF COURSE THAT IS IF YOU BELIEVE ADA IS WORTH MORE THAN $2.00 Which I DO! I believe ADA is undervalued right now big time. I THINK THE FUTURE WILL BRING MORE for Cardano than these times when NFT's and are blowing up and meme coins and others! Cardano is just more suited for those type of deals with GOVERNMENTS and BANKS and INSTITUTIONS that a sick of seeing the FLAWS of the competition! Imagine a DeFi coin gets hacked and the media blows it up! Well there's Cardano, yeah the TPS is slower than this or that but the tradeoff is for HIGHER SECURITY. You really have to BALANCE THESE THINGS all the way around and all the ADA HATERS don't realize that Charles realized that MANY MANY MOONS AGO!
With a coin like this, analyzing charts and talking about the price almost becomes meaningless because YOU BUY BECAUSE YOU BELIEVE IN IT. NO MATTER THE PRICE, YOU KNOW IT'LL GO UP, Yeah it's taken a while and been slower to produce smart contracts BUT THAT IS SO MUCH BETTER THAN jumping the gun and making a little security flaw that gets hacked and makes the whole thing come crashing down! ITS LIKE MAKING A SOLID FOUNDATION for your house so no matter what storm blows through, YOU KNOW it's not falling down! It helps you sleep easy at night!
There' s a few indicators here including MACD and BBWP which if you look, I've identified similarities from earlier to now.
There's also a volume profile which goes back 1000 bars which I think fits the situation. I wanted it to extend further back to include the volume from then!
So MY PREVIOUS IDEAS STATE That ADA is FORMING A STRONG SUPPORT BASE which is still true however we need to break above the 2.12 area and hold it soon or else I imagine we could head lower to the $2.00 area and even a quick wick down to the 1.90 area which I've identified on the charts because it acted as a strong resistance in MAY and we got a strong bounce off of it in August and September.
ASK YOURSELF, IF YOU WERE THE MANIPULATING WHALE, WHAT WOULD YOU DO???
I ALWAYS ASK MYSELF THIS and honestly I think it gives me the edge SO MANY TIMES! I really do study Wyckoffian theory a bit and in this YOUNG CRYPTO MARKET, IT'S ONE OF THE BEST THINGS YOU COULD UNDERSTAND I.M.O.
It's really a good read! I recommend giving it a Google! haha
So here in this situation, IF YOU WERE THE "COMPOSITE MAN" (MANIPULATOR) MANIPULATING THE MARKET, WHAT WOULD YOU REALLY DO? I personally would create A SCARE before BUYING and LETTING BULLS PUMP THE PRICE. I imagine A LOT of people are putting in LONGS with HIGH LEVERAGE at the 2.00 area... It looks like a great support on the charts with low risk BUT WHAT IF WE BROUGHT IT DOWN TO 1.90? How many of those longs would get liquidated with high leverage? (ALOT) How many would rethink their LONG and either SHORT or just close their position? (ALOT) HOW MANY PEOPLE HAVE A STOP LOSS JUST UNDER THAT NICE EVEN $2.00 NUMBER??? ALOT! Maybe you do as well! SO IF I WERE THE COMPOSITE MAN that's what I would be thinking! It's a way of wiping out all the LONGS, and tricking people into shorting the market! It's a way to make people panic sell AND THEY NEED SELLERS... WHY? BECAUSE THEY'RE THE ONES BUYING YOUR BAGS!
Remember there IS NO FREE MONEY IN THIS MARKET. Someone has to LOSE in order for others to GAIN! It all equals itself out!
So with that said, you'll see I copied the bars pattern from august and pasted it right where we are heading. It shows a dip to the 1.90 area and I DO THINK IT IS POSSIBLE. Nothing is guaranteed of course. Maybe we'll turn up right now and not head below 2.10 again. Maybe we'll bounce off 2.00 (that would be too easy though right?), OR MAYBE... We'll scare A lot of people into selling us their bags by PUSHING THE PRICE DOWN TO 1.90.
The important thing here is to not put your stop loss too high! it would be messed up if your stop loss was @ $1.94 and ADA quick wick bounces off of $1.90 and blasts to $2.40 - $2-50 while you're sleeping right?
OF COURSE THAT IS IF YOU BELIEVE ADA IS WORTH MORE THAN $2.00 Which I DO! I believe ADA is undervalued right now big time. I THINK THE FUTURE WILL BRING MORE for Cardano than these times when NFT's and are blowing up and meme coins and others! Cardano is just more suited for those type of deals with GOVERNMENTS and BANKS and INSTITUTIONS that a sick of seeing the FLAWS of the competition! Imagine a DeFi coin gets hacked and the media blows it up! Well there's Cardano, yeah the TPS is slower than this or that but the tradeoff is for HIGHER SECURITY. You really have to BALANCE THESE THINGS all the way around and all the ADA HATERS don't realize that Charles realized that MANY MANY MOONS AGO!
With a coin like this, analyzing charts and talking about the price almost becomes meaningless because YOU BUY BECAUSE YOU BELIEVE IN IT. NO MATTER THE PRICE, YOU KNOW IT'LL GO UP, Yeah it's taken a while and been slower to produce smart contracts BUT THAT IS SO MUCH BETTER THAN jumping the gun and making a little security flaw that gets hacked and makes the whole thing come crashing down! ITS LIKE MAKING A SOLID FOUNDATION for your house so no matter what storm blows through, YOU KNOW it's not falling down! It helps you sleep easy at night!
Note
For some reason the VOLUME PROFILE doesn't show up in the idea. This is the 2nd time this has happened to me! No big deal.Note
There's that quick wick I was looking for! It went even lower than expected. I imagine it triggered a lot of stop loss orders! Lets see if ADA can pump a little higher today and make a giant Hammer candle. I'd like to see the body be a little bit bigger
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