Long

ADA update - Sign of Strength?

Updated

I wanna update my opinion on ADA. I shared an update in my last idea about it and said I sold my position to de-risk some out of crypto.

The macro chart is an obvious and beautiful accumulation pattern. This week we've seen a significant effort to break this level. So far no success. Is this the SOS? I think we'll need a little time to say this with some confidence. If a big effort fails, it moves in the opposite direction with lesser effort. Less volume, maybe starts slow and accelerates.

If that becomes evident on the chart, I buy back some.

Note

It's a little ugly on lower timeframes. But macro chart matters.

Note

We have also this. So let's wait and see. This is important as well.

Note

"Macro accumulation + SOS" is not something you can fade. You cannot fade Mr. Wyckoff.

Note

ADA is another one that proves my point about crypto btw. Not a marginally different chart like some others, but different stages of the market cycle.

Note

It's so hard to make a bear case on this chart. Imo these 2 are the mostly likely scenarios.

Note

1 scenario is gone obviously. We'll just look for the other..

Note

And the fact the sell-off is still slow and you know feels like programmed. Idk just looking for the next scenario as I said.

Note

It's just pressure everywhere. Not panic but pressure.

Note

I'm gonna simplify it like this. IF BTC pair breaks downtrend, dollar pair still looks fine to me, I buy back.

mitsandwits

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.