Foreign Welcome to another update video about ADA cardano um with cardano we have two Possibilities here Um at the moment and they are both Carefully very carefully bullish always Bear in mind what I say there are really Really good charts out there at the Moment Ada isn't one of them at least Not yet because the short-term price Action is a bit well I don't want to say Confusing it's more it's not very Reliable you know and that's the point It's not very reliable the move up here From that Friday is low on the 21st is Not convincingly bullish but I still Counted it as Buddhist because And you can count it as five waves but It can easily be counted as a corrective Wave pattern as well we then came down In what I believe is an ABC pattern in a Wave 2. And we've then seen a five wave move to The upside in a wave one of the Wave 3 That could take us to 50 cents and now We are holding a support area for a wave 2 of a wave three so again the Wave 3 Has five waves in itself and um you've Got your wave one you've got your wave Two that's fine and we can now move up In a wave three next but provided that The support is holding that needs that Means the 39.2 Cent level needs to hold a drop
Below that level will indicate that We're also going to break this low here At 38 cents so that would invalidate the Imminent bullish potential so at the Moment if we assume a low was now Already in this could take us to 49.2 Cents in the next wave the third wave of The third wave now a third wave of the Third is normally super bullish so it Would need to really rally What is a first indication that things Are starting well we need to make higher Highs and higher lows And I must very I must be very honest With you the move up at the moment is Not very convincing yet we don't really Have five waves yet Um but a move above that descending Trend line would suggest that things are Changing that the trend is turning Around that we are moving back to the Upside and that we are in the third wave Of the third that could take us into That what did I say 49 cent region okay So that is what we would need to do we Would need to break above that Descending trend line if that happens Today we would need to move above 41.3 cents so we are nearly there but we Haven't broken it yet what would be the So this is the first indication that Things are changing the next indication And a very good confirmation actually Would be a breakup of the B wave height
So 42.7 cents that is a significant Swing High and a move above a b wave High always indicates that things are Changing and then we have a confirmation If we go above the 43.8 level that's Really when we can confirm the in the Third wave yeah it will then not be Impossible but very unlikely that we're Still coming down once more Um But yeah this is all probably going to Work out as long as we are holding here That support level the 39.2 level again This is important because this is the 78.6 retracement level Here 39.2 cents there so that's fine as Long as we're holding that and as long As we're holding the 30 the 78.6 FIP Level retracement As long as that's the case the 39.2 Level the Wave 2 can hold and we can Move up in wave 3. should we go below This level should we do that at the end For me it's already you know if we make One more low if we make one more low Then we're already breaking this low and The thing is we can already count this As a three wave move ABC one more low Will make it five wave move down so we Don't we really want to avoid at all Costs here with Ada one more low yeah it Wouldn't be good Um The point is if we make one more low it
Will increase massively the likelihood That we're also going to lose 39.2 cents And if we lose that level we're probably Going to go into this support area What is that area and why is it Important well this area is so relevant Because it could very well be While I think this here was the Wave 2 Already Um It could also be that this was only an a Wave this here was a bit wave B and We're coming down in the deeper wave C For this wave too then in fact this Wave 2 is actually sitting over here yeah we Don't know that yet we won't know we Won't know until we really break above The wave one high here because this Would make that scenario that I just Explained very unlikely Um But it's all about cascading probability You know do we break out above that Descending trend line do we break Above That B wave high and that will all make That deeper wave too unlikely Um and all of that you need to Understand all of this all of this what I'm telling you here in the context of Markets are uncertain and The Ada chart is also uncertain again There are very reliable charts at the Moment at least charts that are more Reliable than Ada and that show a
Clearer pattern because what I don't Really like is this move to the upside It doesn't really show a clear impulse It's not great yeah I I rather count This as a diagonal pattern and they are Always a bit suspect So Yeah it's not great there are better Charts out there but of course this can Be traded but I gave you the key support And in validation points one more thing Here when we get into this deeper area We must not go below 35.3 cents below That level we are probably going to go Below the low from the 21st of October Which is the 33 Cent level Yeah and that's my update about ADA hope You liked the update if you did please Hit the like button leave a comment and Subscribe and if you really like the Content then please check out the Channel membership thanks a lot for Watching bye Thank you