ORDI: Yesterday in the morning I was pretty bearish on ORDI but my first short scalp attempt got stopped. Price kept flipping supply into demand in the 30 min timeframe and I catched a long from demand. I was aware that price is facing resistance and that it definitely needs to keep going locally. It shouldn´t start showing weakness. Then it SFP´d it´s own local high into the .886 and started retesting local demand once again. That already looked bearish to me because bulls really needed to keep pushing. So I took profits off the long and flipped short. In that zone it was a question of no trade or a short trade especially after the 30 min timeframe started to show weakness. My bearish context of "building volume lower" is still given. Price still isn´t showing real strength from the bull perspective. We keep consolidating below the pwPOC which is bearish. We keep building value below the pmVAL which is bearish. We could only become more bullish if the pwPOC get´s claimed, if it holds and if the pmVAL get claimed. A whole lot of work to do. I was checking the OBV to get more information about this local consolidation. If you check the 4 hr timeframe, that looks a lot like absorption to me. Longs are coming in, OBV is already higher than the previous high but we are still having a lower high in price. So MMs are filling their shorts and eating up all the longs. I have used this bearish context as confluence for my short. After checking the 30 min timeframe I have seen that we kept making higher highs locally but OBV just keeps grinding down. This is a sign for a weak bullish move. So overall all these information are just supporting my bearish idea. I really think that MMs keep filling their shorts to prepare an expansion to the downside. I have put my stop at entry and am safe after a TP1. I am not interested in longs from lower because of the whole bearish context. Seeing these longs coming in again from the lower golden pocket screams for punishment. If my short would get stopped, I would observe if price could make a higher high and how it would react at the upper resistance zone of pwPOC and daily level. Given the context of MMs filling their shorts between the .786 and .886, what indeed happened yesterday in the evening, it wouldn´t make sense for me to go for a higher high. This reversion to the mean should keep failing. My next TP is at the 4 hr low which should definitely get hit if we see a bearish expansion. The 3rd closing would be at the fib expansion level below.
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If you want to receive signals or learn trading, this is the place for you:
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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.