I have been very bullish on ADA in the previous idea. We bought at 0.61 ish for good reasons and dragged it all the way up to the pmPOC at 0.73. It was a major TP level for good reasons. Price did not show any acceptance above, which is bearish. This could result in a complete FTR (failure to rotate). In this case, we will target the origin of the move. All the way back down to where we came from (check the FTR draw target below in orange).
On Saturday we had a strong volume backed breakout to the upside of the bracket. Normally price could have went for a lot higher prices. It didn´t even tap the pmPOC tho, fell back into the bracket (acceptance), so that was extreme weakness, bringing the price back to the low of the bracket quite fast.
If bulls won´t reclaim the bracket, then the pmPOC below will be next. Potentially this will last a lot longer until the FTR draw will be hit.
If bulls will reclaim the bracket, then we will simply see the top of it. Then we would need to assess if price is doing a good job to go higher or not.
So for now: short, with potentially a lot lower target., pmPOC (previous month point of control) below will be the next target.
Bullish only if: .. the bracket will be reclaimed.
On Saturday we had a strong volume backed breakout to the upside of the bracket. Normally price could have went for a lot higher prices. It didn´t even tap the pmPOC tho, fell back into the bracket (acceptance), so that was extreme weakness, bringing the price back to the low of the bracket quite fast.
If bulls won´t reclaim the bracket, then the pmPOC below will be next. Potentially this will last a lot longer until the FTR draw will be hit.
If bulls will reclaim the bracket, then we will simply see the top of it. Then we would need to assess if price is doing a good job to go higher or not.
So for now: short, with potentially a lot lower target., pmPOC (previous month point of control) below will be the next target.
Bullish only if: .. the bracket will be reclaimed.
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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.