ADAUSDT has been forming a Wychoff distribution pattern, this resulted in a bearish push lower, but price has been snapped up. The recovery has resulted in the price action "jumping the creek" of the downtrend and is starting to form up as a bump and run bottom on the 1h timeframe.Target for this play is the top of the previous trading range, where the Wychoff uptrusts have been previously rejected. Stop is placed under the lows of the trend re-test.
Trade active
Looking for that close above 91c on the hourly and we are on here, I think.
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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.