The March price action was based on aggressive short-term sellers. Who are they fighting? Short-term traders are always competing the long-term ones. So in this case the opposition is formed by long-term buyers. They are only accumulating while the aggressive sellers enjoy the gains, shooting for more until they end up being under water. The pwProfile (previous week profile) and the prior week profile are also b-shaped. We are having the very same picture there. I have already drawn the developing profile because in a few hours it (as we head into Monday) it will be the fresh pwProfile. Again: b-shaped = aggressive sellers. So to me, ADA is a really really good buy. Have a good risk management, don´t overleverage and ride it to the upside soon, together with the long-term buyers which are already known as the winners. The minimum target is the top of the old bracket (range, white) at 0.77 ish. But honestly, ADA should fully rotate the pmProfile up to the VAH at 0.91 ish, which is what I am aiming for. I don´t see it stopping before. Stopping for example at the top of the bracket won´t be any pain for the aggressive sellers that started to build within the bracket. We really need to deviate them. A full pmProfile (previous monthy profile) rotation only makes sense. See you at 0.91 ish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.