Fartcoin offered a very nice long opportunity below the bracket, because price broke to the downside on decreasing volume. That´s not what strong bears wanted to see. So over there one could have accumulated a lot, wait for the bearish auction process to come to an end and then trade it to the upside. The minimum target was, of course the top of the bracket. After reaching the top of the bracket, we need to judge the volume. Price broke to the upside on very weak buying volume. That´s not what strong bulls want to see. Price also broke through the pmPOC with low volume. Only afterwards price pumped higher on a lot of buying volume in comparison. I really believe that all these buyers here above 1$ will be trapped. They are the foundation for a lot of downside, that we will see in the next days. My minimum target is once again the low of the bracket at 0.78 ish - a decrease of roughly 30%. Then we will judge the volume and a potential breakout attempt once again. So right now I am just accumulating shorts, waiting for the bullish auction process to come to an end and then it will fall back down relatively quick.
If we will see the breakdown, price will naturally lose the pmPOC which will cause a FTR (failure to rotate), because obviously then price was unable to fully rotate the pmProfile. We will then target the origin of the move, which is minimum all the liquidity below the bracket.
Another important fact to mention: The freshest pwProfile (previous week profile) below is pretty balanced. Above, the highest risk for new longs is given but the biggest opportunity for sellers. Of course the current move is very extended for good reasons, but it is still an important factor that requires some good risk-management and understanding of the profiles and auction process. I´ll see you at the low of the bracket.
If we will see the breakdown, price will naturally lose the pmPOC which will cause a FTR (failure to rotate), because obviously then price was unable to fully rotate the pmProfile. We will then target the origin of the move, which is minimum all the liquidity below the bracket.
Another important fact to mention: The freshest pwProfile (previous week profile) below is pretty balanced. Above, the highest risk for new longs is given but the biggest opportunity for sellers. Of course the current move is very extended for good reasons, but it is still an important factor that requires some good risk-management and understanding of the profiles and auction process. I´ll see you at the low of the bracket.
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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.